On Tuesday, Bitcoin dropped to a three-month low as heightened global trade concerns shook investor confidence and set off a general market sell-off on a major bitcoin exchange.


U.S. President Donald Trump's reaffirmation of tariff threats against Mexico and Canada set off the sell-off by raising once more questions on world trade conflicts and risk appetite.

Bitcoin sank about 6% to $89,843, its lowest level since mid-November, as of 03:15 ET (8:15 GMT).

Plans for Trump's tariffs disturb the crypto markets.
Reiterating his plan to levy tariffs on goods from Mexico and Canada, slated to go in force on March 4, Trump has

The government is adamant in its choice even if neighbouring nations are constantly negotiating and trying to improve border security and stop fentanyl trafficking. This action has added a lot of uncertainty to world markets, particularly the bitcoin market.

Investors are worried that the approaching tariffs would cause a disturbance of trade ties and economic stability, therefore guiding a change from riskier assets like cryptocurrency.

Analysts believe that the tariffs could cause lower economic growth and more inflation, elements that usually affect investor confidence in erratic markets like cryptocurrency.

Although some see Bitcoin as a defense against economic volatility, the first response from investors among the present uncertainties shows a cautious attitude.

Further eroding market confidence is bit security breach
Complicating the market, Dubai-based bitcoin exchange Bybit suffered a significant security breach whereby hackers stole around $1.5 billion worth of Ethereum.

Among the events in the annals of digital currencies, this one stands as the biggest. Significant asset losses resulted from the sophisticated phishing campaign that fooled Bybit officials into authorizing transfers to unapproved wallets.

Bybit has responded by guaranteeing its solvency, lending money to offset losses, and putting more strict security policies into place. Notwithstanding these initiatives, the hack has heightened concerns about the security of digital assets, therefore exerting negative pressure on the price of Bitcoin.


Today's crypto price: altcoins sink under more general risk-off attitude
As investors pulled their position in speculative assets, altcoins dropped Tuesday in line with Bitcoin and other worldwide markets.

On Tuesday, world second cryptocurrency Ether dropped 12% to $2,388.32.

Third world crypto XRP plummeted over 11% to reach $2.20.

Solana dropped 13%; Cardano dropped 9.6%; Polygon dropped 9%;

Among meme tokens, $Trump plummeted over 12%, while Dogecoin slid almost 11%.