Tariff tensions contribute to major liquidation event in the crypto market as Bitcoin leads the decline. Key Takeaways Bitcoin price is down 3.9% due to new tariffs from President Trump. The crypto market experienced a $110 billion loss today. Bitcoin fell 3.9% today to a three-week low after President Trump announced new tariffs on imports from Canada and Mexico, deepening a broader crypto market selloff that erased more than $110 billion in value. The largest digital asset traded around $92,400, its lowest level since February 2, with the decline accelerating after Trump confirmed tariffs on Mexican and Canadian imports “are going forward.” Trump signed executive orders on February 1 imposing a 25% tariff on all products imported from Canada and Mexico, with a lower 10% rate on Canadian energy resources. The administration cited a “national emergency” related to illegal immigration and drug trafficking, including fentanyl, as justification for the measures. The tariffs are scheduled to start to apply on March 4, 2025. The market-wide downturn affected major crypto assets, with Solana dropping 14%, XRP falling around 10%, and Ethereum declining nearly 10%. BNB saw a more ‘modest’ decrease of 5.5%. The $110 billion in market-wide liquidations represents one of the largest dollar-volume declines in crypto market history.