Bitcoin (BTC) tumbled from $93,000 to under $90,000 before plunging to an intraday nadir of $86,531 on Apr. 2, aligning with former President Trump’s declaration of new tariffs on imported agricultural goods.
Trump Dump
Though a prior policy reveal involving crypto reserves propelled assets like BTC and ether upward, the subsequent day told a divergent tale. After hovering just above $93,000 in early trading, BTC abruptly cascaded below $90,000. By afternoon, it stabilized near $87,000 as markets digested Trump’s plan to levy tariffs on foreign farm products starting next month.
The 47th U.S. President proclaimed:
To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!
Cryptocurrency markets contracted 6.81% to $2.88 trillion post-announcement, with BTC teetering near $87,000 after its sharp descent. Over $55.74 million in BTC long positions evaporated within an hour, compounding a daily total of $172 million erased.
Trump’s tariff rhetoric has repeatedly rattled BTC valuations, marking the fourth occasion such proclamations have depressed prices. The pattern underscores—er, illuminates—a recurring vulnerability in crypto markets to geopolitical fiscal shifts.