Bitcoin drops below $90,000, over $100 billion wiped out from crypto market: Why is the cryptocurrency down today?

Bitcoin (BTC) dropped below $90,000 on Tuesday, extending the cryptocurrency market’s downturn amid US President Donald Trump’s anticipation of US tariffs on Mexico and Canada starting on March 4.

The uncertainty over the impact of the impending tariffs on global trade led many investors to reduce exposure to risky bets, causing the crypto market to drop by approximately 8 per cent. Bitcoin fell below the $90,000 mark, wiping out more than $230 billion from the total cryptocurrency market capitalisation.