BTC Dips Below $83k, Reversing Sunday’s Gains as Tariffs Come Into Effect

TL;DR

• Bitcoin lost 10% of its value on Monday to drop below $83k as Trump discusses further sanctions on trade partners.

• Cryptocurrency traders lost over $1 billion as both long and short positions were liquidated. 

Bitcoin Slips Below $83k as Market Does a Major U-Turn

The cryptocurrency market did a major reversal on Monday, wiping away the gains recorded on Sunday. Bitcoin, the leading cryptocurrency by market cap, lost 10% of its value on Monday and temporarily dropped below $83k.

At press time, Bitcoin is trading at $84,008 as bears remain in control of the market. The bearish performance comes as President Trump announced that tariffs against Mexico, Canada, and China will take effect today, March 4th.

While commenting on Trump’s speech yesterday, Jake Ostrovskis, OTC Trader at crypto market maker Wintermute, said,

“Concerns over U.S. growth, and impending tariffs on China, Mexico, and Canada — set to take effect tomorrow — will be in focus, driving equities and rates.”

The move also affected stocks, with the Nasdaq shedding 1.1% and the S&P 500 0.8%. Altcoins also recorded huge losses on Monday. Ether is down 14% and now trades at $2,095 while XRP and Solana shed 16% and 18% of their values respectively. 

Cardano’s ADA is the worst performer in the top 10, losing 21% of its value and now trades at $0.8163. Dogecoin is also down 14% while Tron’s TRX only shed 4% of its market cap. 

Despite the market conditions, PI surged by nearly 3% to hit a market cap of $11 billion, making it the 11th-largest cryptocurrency by market cap. 

Thanks to yesterday’s bearish conditions, $1,070,000,000 was liquidated from the cryptocurrency market in the past 24 hours.

JUST IN: $1,070,000,000 liquidated from the cryptocurrency market in the past 24 hours.

— Watcher.Guru (@WatcherGuru) March 4, 2025