Bitcoin below $84,000 on jitters over Trump tariffs after testing $95,000

Bitcoin

Bitcoin led the sharp fall in cryptocurrencies on March 4, declining over 9 percent to slip below $84,000 after briefly testing $95,000 a day before, marking significant volatility driven by news flow.

The sharp decline in Bitcoin comes after US President Donald Trump unveiled fresh tariffs on China, Canada and Mexico, triggering a selloff in global equities and a rush for safe haven buying.

Ethereum plunged over 11 percent to trade at $2,096 apiece, while Solana crashed over 15 percent to trade at $568 apiece. Cardano dropped nearly 17 percent while Ripple Labs-backed XRP fell around 11 percent. The popular Dogecoin meanwhile fell over 12 percent to $0.1934 apiece, as per data on Coinmarketcap.

The crash in crypto assets has come after a brief rally, fuelled after US President Trump promise of including Bitcoin along with other key cryptocurrencies in the proposed US Strategic Reserve.

Earlier in January 2025, President Trump had signed an executive order for the creation of a cryptocurrency working group, which would work towards the creation of a national cryptocurrency stockpile, in line with Trump's Presidential campaign promise.

Trump's executive order, however, didn't mention names of the cryptocurrencies to be included as part of the strategic reserve. In a post on social media platform Truth Social on Sunday, Trump named bitcoin, ether, Ripple Labs' XRP, solana and cardano to be included in the reserve.

"I also love Bitcoin and Ehtereum," the US President said, while adding that the two cryptos will be at the "heart of the reserve". "I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!" he said.

The rally in crypto assets was short-lived after US imposed fresh tariffs on Mexico, Canada and China, and in return, China and Canada outlined retaliatory tariffs. China announced up to 15 percent tariffs on select US imports, increasing concerns over a potential trade war. Investors rushed to sell riskier assets worldwide, resulting in a broad selloff.

Some analysts questioned if Trump engaged in market manipulation with his latest proclamtion, and financial commentator Peter Schiff accusing Trump of organizing the 'biggest crypto pump-and-dump scheme of all time'.

Donald Trump, the first crypto President, just helped pull off the biggest crypto rug pull of all time. A Congressional investigation is now warranted to find out the following regarding this pump and dump scheme.
Who authored the two Sunday afternoon posts on the President's Peter Schiff (@PeterSchiff) March 3, 2025

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