Tariffs take effect, Bitcoin falls back to 86K, cryptocurrencies fall across the board with U.S. stocks

President Trump on Monday reiterated that the 25% tariffs on Mexico and Canada will take effect on 3/4, with no room for negotiation, causing the three major U.S. stock indices to decline across the board. BTC plummeted from $93K last night, closing at $86,174 before the deadline, completely erasing the gains made after Trump's announcement. ETH also crashed nearly 15%, falling back to around $2,150. Over the past 24 hours, $810 million in liquidations occurred across the entire network.

Tariffs to be implemented as scheduled, market declines across the board

U.S. President Donald Trump promised to impose tariffs on trade partners within hours, stating that Mexico and Canada cannot negotiate a postponement of the tariffs scheduled to take effect on Tuesday (3/4), and signed an order to double the tariff rate on China to 20%, causing the U.S. stock market to experience its biggest drop of the year and raising concerns about the impact of the trade war on global economic growth.

The S&P 500 index fell 1.76%. The Nasdaq Composite fell 2.64%. The Dow Jones Industrial Average fell 1.48%. The seven major super-stock indices fell 3.1%. NVIDIA (NVDA) plunged nearly 9% to $114.06 per share, with a market capitalization now below $3 trillion. TSMC ADR (TSM) fell more than 4% to $172.97 per share, as President Trump met with TSMC Chairman Mark Liu on Monday, announcing that TSMC plans to invest $100 billion in the U.S. over the next 4 years to build advanced chip manufacturing facilities.

(TSMC plans to invest $100 billion in the U.S. over the next four years to build advanced process factories, will U.S. manufacturing become the future mainstream?)

BTC falls back to $86K, $810 million in liquidations across the network

Cryptocurrencies have once again declined as risk assets.

U.S. President Trump announced on Sunday that he would include BTC, ETH, SOL, XRP and ADA in the crypto asset reserve, driving a rally in the crypto market led by BTC. However, the market reversed course within a day, with BTC plummeting from $93K last night to $86,174 before the deadline, completely erasing the gains made after Trump's announcement. ETH also crashed nearly 15%, falling back to around $2,150. The top 10 cryptocurrencies by market cap all declined.

According to data from Coinglass, $810 million in liquidations occurred across the network over the past 24 hours, with BTC accounting for $286 million, followed by ETH at $157 million, while the ADA, SOL and SOL mentioned in Trump's announcement also suffered heavy casualties.

(Trump's Crypto Hegemony: From Meme Coin Speculation to Strategic Reserves, a National-Level Wealth Harvesting Plan)