Bitcoin Drops Below $80K as Trump’s Tariff Plans Shake Markets

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Bitget Academy2025/02/28 06:10

By:Bitget Academy

Bitcoin has dropped below $80,000 for the first time since November, erasing nearly all gains made after Donald Trump's election. The decline is linked to economic uncertainty, particularly Trump's proposed tariffs on Canada, Mexico, and China. On Feb. 27, BTC fell to $79,752, triggering $100 million in liquidations of long positions. Traders, who previously expected support at $82,000, now anticipate a possible drop to $70,000.

Despite the downturn, some analysts remain optimistic. Standard Chartered predicts Bitcoin could reach $200,000 this year and even $500,000 by the end of Trump’s second term. Meanwhile, alternative cryptocurrencies have also suffered—XRP lost key support levels, Solana hit a five-month low, and Dogecoin retraced most of its recent rally.

Trump’s tariff plans have strengthened the U.S. dollar, with the dollar index rising to 107.30. Historically, a strong dollar has led to downward pressure on crypto markets. While short-term volatility persists, institutions remain bullish on Bitcoin's long-term potential.

Source: Cointelegraph

Futures Market Updates

BTC and ETH futures both saw declines in open interest, with BTC dropping 6.58% and ETH falling 7.01%. BTC futures volume decreased 8.05%, while ETH futures volume remained nearly unchanged, rising 0.10%. Both have significantly more long liquidations, with long liquidations higher for BTC ($342.58M) compared to ETH ($165.37M). Furthermore, both assets had a slight bearish tilt, with BTC's long/short ratio at 48.97%/51.03% and ETH's at 48.39%/51.61%. BTC's funding rate (0.0086%) was significantly higher than ETH’s (0.0008%), suggesting stronger demand for leveraged long positions in BTC.

BTC Futures Updates

Total BTC Open Interest: $50.01B (-6.58%)

BTC Volume (24H): $140.69B (-8.05%)

BTC Liquidations (24H): $342.58M (Long)/$45.85M (Short)

Long/Short Ratio: 48.97%/51.03%

Funding Rate: 0.0086%

ETH Futures Updates

Total ETH Open Interest: $19.27B (-7.01%)

ETH Volume (24H): $58.65B (+0.10%)

ETH Liquidations (24H): $165.37M (Long)/$25.79M (Short)

Long/Short Ratio: 48.39%/51.61%

Funding Rate: 0.0008%

Top 3 OI Surges

FIO: $9.68M (+217.60%)

CKB: $25.41M (+126.84%)

LUMIA: $7.10M (+69.39%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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