Bitcoin Drops Below $84K as Trump’s Tariff Shock Sparks Market Chaos

Key Highlights:

• Bitcoin falls 3% to $83,595, shedding $2,582 in a single session.
• Trump’s 25% tariff announcement triggers panic selling in equities & crypto markets.
• S&P 500 down 1.76%, Nasdaq and tech stocks hit hard.
• White House Crypto Czar David Sacks confirms he sold all digital assets before taking office.

Bitcoin’s price took a sharp dive today, slipping 3% to $83,595, as President Donald Trump’s latest tariff announcement triggered market-wide sell-offs. The leading cryptocurrency saw high volatility, dropping from $85,101 before briefly rebounding, only to slide further amid economic uncertainty.

Trump’s Tariffs Shake Global Markets

Trump’s 25% tariff on imported agricultural goods, effective April 2, 2025, has sparked fears of inflation and potential trade wars. The announcement rattled Wall Street, dragging down the S&P 500 (-1.76%) and sending shockwaves through the crypto market.

"Bitcoin’s decline highlights its sensitivity to macroeconomic trends," said Michael Sonnenshein, CEO of Grayscale Investments. "Despite being called ‘digital gold,’ BTC continues to behave like a high-risk asset during periods of uncertainty."

Bitcoin’s Price Rollercoaster

Bitcoin’s price action mirrored traditional market turbulence, experiencing wild swings throughout the trading session:

BTC Day Chart Today

Bitcoin briefly rebounded above $84,800 before encountering resistance and resuming its downward trajectory. Traders remain cautious, with some pointing to algorithmic trading and liquidation events accelerating the downward pressure.

David Sacks: White House Crypto Czar Offloads Holdings

Amid the market chaos, David Sacks, the White House Crypto Czar, confirmed he had sold all his Bitcoin, Ethereum, and Solana holdings before taking office. His statement comes as the U.S. prepares for a major Crypto Policy Summit, where government officials and industry leaders will discuss the nation’s first digital asset reserve.

Sacks’ decision to liquidate his holdings has fueled speculation about potential regulatory moves in the coming months.

Bitcoin Outlook: What’s Next?

With Trump’s tariff policies escalating market fear, analysts predict continued volatility for Bitcoin. Key factors to watch include:

✅ U.S. economic data releases, particularly inflation figures.
✅ Federal Reserve’s stance on interest rates, which may influence risk appetite.
✅ Upcoming White House Crypto Summit, shaping future regulations.

While some traders view the dip as a buying opportunity, others warn of further downside risk if traditional markets continue their sell-off.

Bitcoin tumbles to $83,595 as Trump’s 25% tariff announcement sparks panic across markets! S&P 500 down 1.76%, Nasdaq hit hard, and crypto volatility surges. What’s next for BTC? #Bitcoin #Crypto #Markets #BTC https://t.co/nPAjWCoTr4

— Skrill Network (@Skrillnetwork) March 4, 2025