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crypto.news 2025-02-27 03:39:19

Bitcoin plunges below $85K, crypto market tumbles amid Trump tariff concerns

Bitcoin plunges below $85K, crypto market tumbles amid Trump tariff concerns

Bitcoin has fallen below $85,000, continuing its sharp decline as traders react to President Donald Trump’s announcement of new tariffs on European imports. Speaking at his first cabinet meeting on Feb. 26, U.S. President Donald Trump reiterated his intention to put a 25% tariff on European Union goods, as reported by The Guardian. The cryptocurrency industry has been significantly impacted by this announcement. Bitcoin ( BTC ) is currently down 4% in the last 24 hours, trading at $84,600 levels at press time. The broader crypto market has also suffered, with total market cap shrinking 4% following President Trump’s remarks, according to CoinGecko. CoinGlass data also shows that total liquidations have surpassed $765 million in the past 24 hours, adding to the $1.5 billion wiped out on Feb. 25. According to SoSoValue data , the market decline has coincided with the biggest one-day withdrawal from Bitcoin ETFs since their inception, with $937.78 million leaving on Feb. 25. This further solidifies the change in institutional investors’ sentiment, bringing the total outflows for the last week to almost $1.5 billion. You might also like: Here’s why Bitcoin and Ethereum prices could recover despite February’s losses Since Trump took office in January, Bitcoin has fallen about 20% from its peak of $109,225. After Trump’s election victory and hopes of a more favorable regulatory environment, there was a period of optimistic momentum, followed by the current sell-offs. Hopes for rapid implementation of pro-crypto policies have declined as the administration seems to be prioritizing aggressive trade policies. Security concerns have also shaken investor sentiment. The market’s liquidity has been depleted by the collapse of the Solana memecoin boom, and concerns over centralized exchange vulnerabilities have been ignited by the unresolved $1.4 billion Bybit hack . Although some analysts see the correction as a healthy reset, others caution that a decline below $80,000 would lead to yet another round of liquidations, which might send Bitcoin toward $70,000. Traders continue to exercise caution as macroeconomic uncertainty rises, anticipating possible regulatory changes that would re-establish trust in the digital asset market. Read more: Strategy launches Bitcoin Hub in Tysons Corner: ‘a free co-working space’

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