The crypto market is witnessing a fresh cascade of liquidations as President Trump’s tariff threats become reality.

Trump has officially implemented 25% tariffs against both Canada and Mexico, triggering a 500 point drop in the Dow, alongside small drops in the Nasdaq and S&P 500.

In the crypto market, liquidations crossed more than $1 billion in just 24 hours, with about 68% of the liquidations hitting traders going long, according to the crypto data aggregator CoinGlass.

Bitcoin’s volatile swings continue, with BTC touching $81,879 before rising to $86,400 at time of publishing.

The majority of liquidations hit BTC, followed by Solana (SOL), XRP (XRP) and Cardano (ADA).

The pseudonymous crypto analyst DonAlt says he’s now looking to see if Bitcoin can re-enter a weekly range above $90,787 as a potential sign of strength amid a tumultuous time for global markets.