The cryptocurrency market is experiencing significant volatility, driven by global economic policies and widespread liquidations. A recent 7.48% drop in total market capitalization has brought the value down to $2.91 trillion, prompting shock among traders. The Fear & Greed Index now sits at a chilling 29, deep within fear territory, down from its neutral 40 level just yesterday. Bitcoin has lost its critical $90,000 support, trading at around $89,652.23 despite maintaining a dominant 61.39% market share. Ethereum, meanwhile, has seen a steep 10.37% decline, now trading at $2,410. Solana and XRP have also suffered significant drops, losing 12.6% and 10.67%, respectively. This abrupt downturn raises questions: what caused this drop, and where does the market go from here? The answer may lie in understanding the catalyst – U.S. President Trump’s recent announcement of a 25% tariff on imports from Canada and Mexico. This tariff plan, which was made alongside French President Emmanuel Macron on February 24th, has shaken global financial markets. The S&P 500 and Nasdaq Composite have both experienced losses in the past five trading days, reflecting the widespread impact of this economic shift. Cryptocurrencies haven’t been spared; massive liquidations exceeding $900 million happened within a short span of time. The extent of these losses can be visualized through CoinGlass’s heat map, which provides insights into the top crypto assets most affected by this selloff.