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Core Viewpoint - The cryptocurrency market experienced a significant downturn, influenced by geopolitical tensions and trade war concerns, particularly following statements made by former President Trump regarding tariffs on goods from Mexico and Canada [2][5][7]. Market Performance - On March 4, Bitcoin fell below $83,000, with a 24-hour decline exceeding 11%. Ethereum dropped over 17%, and Cardano saw a decline of more than 28% [1][3][4]. - The total liquidation in the cryptocurrency market exceeded $1 billion, affecting over 310,000 traders, with long positions accounting for approximately $928 million of the liquidations [4][5]. Impact of Geopolitical Events - Trump's announcement of a 25% tariff on imports from Mexico and Canada heightened investor fears regarding a potential trade war, leading to a sell-off in risk assets, including cryptocurrencies [2][5][7]. - The uncertainty surrounding the establishment of a U.S. cryptocurrency reserve fund, as mentioned by Trump, contributed to market volatility, with analysts suggesting that the market has already priced in these developments [5][6]. Cryptocurrency Price Movements - Following Trump's initial comments about a potential cryptocurrency reserve, Bitcoin surged nearly 9% to around $95,000, but subsequently fell back below $83,000 [5][6]. - Other cryptocurrencies also experienced significant fluctuations, with XRP and Solana seeing declines of over 20% on March 4 [3][4]. Regulatory and Legislative Considerations - Establishing a U.S. cryptocurrency reserve would require congressional approval, indicating that market reactions to Trump's statements may be premature [5][6]. - Analysts caution that the volatility of cryptocurrencies designated as reserves could persist, as the market digests the implications of such a reserve [6].