Bitcoin fell below $92,000 on the morning of the 3rd, reaching a low of $91,201, and affected the decline of other non-mainstream cryptocurrencies such as Ethereum, causing more than 740,000 people to be liquidated in the past 24 hours, with a liquidation amount of $2.26 billion, including $610 million in Ethereum and $410 million in Bitcoin.

After US President Trump announced the imposition of import tariffs on Canada and Mexico, and after the news that El Salvador would cancel Bitcoin as the only legal currency in order to cooperate with the IMF bailout, the prices of cryptocurrencies such as Bitcoin and Ethereum plummeted on the morning of the 3rd.

According to coinglass data, in the past 24 hours, 742,000 people worldwide had liquidations, of which Ethereum liquidations amounted to $612 million, long orders liquidated $476 million, short orders liquidated $135 million; Bitcoin liquidated $411 million.

In the past, cryptocurrencies were used as safe-haven assets that could increase or preserve value during economic turmoil, but this time their prices were affected by the overall economic situation. The market believes that this is mainly because tariffs may push up inflation and thus increase interest rates, which will reduce the attractiveness of risky assets in a high-interest rate environment. Therefore, investors will tend to move towards safer safe-haven assets.