Bitcoin Drops to $93.1K Amid Trump Trade War Concerns

Major digital assets experienced significant declines as trading began in Asia:

Bitcoin (BTC) decreased by 8%, stabilizing around $93,900.
Ether (ETH) fell nearly 20%, now below $2,500.
Solana (SOL) dropped 7% to $1.93.
XRP declined 23%, trading at $2.

The CoinDesk 20 index dropped almost 17%. Trump's memecoin lost 12%. World Liberty Financial (WLFI) reported a 20% drop in January crypto investments.

Liquidations reached approximately $1.3 billion in long positions over the last 12 hours, with $400 million in ether and $300 million in BTC positions liquidated.

The market correction is attributed to U.S. tariffs of 25% on Canada and Mexico, which have raised concerns among market observers about economic disruption and inflation. The European Union vowed to respond firmly to these tariffs.

Trump defended the tariffs, attributing criticism to Chinese funding sources.