United States And Canada’s Tariff War Causes $1 Billion In Crypto Liquidations

By Anthony • March 4, 2025 4:42 pm • Comments

Over $1 billion in cryptocurrency has been liquidated in the past 24 hours after President Trump announced he would not remove a 25% tariff on Canada and Mexico.

More than 87% of the liquidation stemmed from long positions.

Bitcoin, which was trading at $87,750, dipped to around $82,000.

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ETH and SOL sunk 12% and 20%.

Per Cointelegraph:

Cryptocurrency derivatives traders suffered more than $1 billion in liquidations in the past 24 hours as fears of a looming trade war sent markets tumbling, according to data from CoinGlass.

More than 87% of liquidations came from long positions after a volatile start to March that saw double-digit losses on March 4 erase similarly large gains from only days earlier, the data showed.

On March 4, US President Donald Trump imposed 25% tariffs against Canada and Mexico, the United States’ largest trading partners, sending the S&P 500 stock index down nearly 2% in morning trading.

Bitcoin (BTC $87,750) declined to around $82,000 after touching highs of around $93,000 on March 3, according to data from Google Finance. Cryptocurrencies such as Ether (ETH $2,181) and Solana (SOL $144.72) fell even further, dropping by around 12% and 20%, respectively.

The drawdown was a bait-and-switch for traders who turned optimistic after Trump tipped plans on March 2 to create a US crypto reserve holding tokens ranging from BTC and ETH to XRP.

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