Bitcoin drops to three-week low as Trump reignites tariffs on Canada and Mexico

Key Takeaways

Bitcoin price is down 3.9% due to new tariffs from President Trump.
The crypto market experienced a $110 billion loss today.

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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.”

BREAKING: President Trump just announced that the 25% tariff on Canada and Mexico will officially start on March 4, 2025

“The tariffs are going forward on time, on schedule. This is an abuse that took place for many, many years. And I’m not even blaming the other countries that… pic.twitter.com/MEYa07vvyx

— George (@BehizyTweets) February 24, 2025

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%.