Key Points
- Trump signed a tariff agreement on China, raising the previous 10% import tariff to 20%.
- He also announced that the 25% tariffs on goods from Mexico and Canada take effect today.
Yesterday, Bitcoin recorded a significant price drop from $93,000 levels ahead of the US President’s speech at the White House. The losses extended today as well, with BTC reaching levels of $83,000.
Trump addressed various subjects including tariffs on China, Canada, and Mexico, also making a new $100 billion investment announcement with bullish outcomes.
Bitcoin Dropped to $83,000 Levels
At the moment of writing this article, BTC is trading above $83,000, down by almost 9% in the past 24 hours.
Bitcoin’s price decline debuted on March 3 ahead of an important investment announcement scheduled at the White House by Trump.
Previously, BTC recorded a significant price surge after the US President announced a Crypto Reserve in the US, but his later remarks wiped the gains recorded over the past weekend.
Bitcoin prices dropped from $93,000 levels to current prices. The price decline debuted ahead of Trump’s speech and continued until today.
Trump Addressed Tariffs for China, Canada and Mexico
On March 3, Trump signed a tariff agreement on China, raising the previous 10% important tariffs to 20%, according to Reuters reports.
Also, the US President confirmed that the US will impose 25% tariffs on Canada and Mexico, starting today, March 4.
During his speech, Trump also announced that tariffs would go on external products on April 2nd, telling farmers to get ready to sell products inside the US, as reported by The Kobeissi Letter.
The tariff announcement triggered a significant decline in the US and EU’s stock markets, observed by Sky News.
However, traditional stocks were not the only ones affected, with the crypto market seeing a significant decline over the past 24 hours as well.
Almost $1 Billion in 24-Hour Crypto Liquidations
According to data from Coinglass, the 24-hour crypto liquidations were over $978 million. More than $833 million were in long positions and over $144 million were in shorts.
Bitcoin saw over $370 million in liquidations, with over $307 million in long positions and more than $62 million in shorts.
Optimism Persists in the Crypto Industry
However, the crypto industry remains optimistic ahead of the Crypto Summit hosted by Trump this Friday.
More than that, a bullish investment announcement was made by Trump yesterday as well.
On March 3, during his White House speech, Trump also made his investment announcement. The chip-maker Taiwan Semiconductor, TSMC, will invest $100 billion in the US.
The Kobeissi Letter revealed in a post via X that this investment will have the following benefits:
- It will bring five facilities to Arizona.
- It will create thousands of new jobs.
- It will bring TSM’s total US investment to $165 billion.
- It will create hundreds of billions of dollars of economic activity which could mean more crypto investments.
Also, while Trump had his speech at the White House, Melania Trump had a roundtable discussion, highlighting the goal of protecting individual privacy and online safety in an era of digital interactions.
The markets recorded intense volatility following yesterday’s tariffs announcement, despite Trump’s investment announcement, and Eric Trump’s “HOLD” advice.
However, optimism persists amidst an important macroeconomic week, as March becomes a key month for the crypto industry.
