Bitcoin (BTC) price crashes 8.29% from its all-time high, dropping below the $85,000 mark

Bitcoin, which had surged following mentions of U.S. President Donald Trump's push for virtual asset strategy reserves, reversed course and plummeted in one day.

U.S. President Donald Trump's push for virtual asset strategy reserves had seen Bitcoin reverse course and plummet in one day.

According to cryptocurrency exchange Coinbase on the 3rd (local time), at 4:20 p.m. Eastern Time, the price of one Bitcoin was $86,252.

This represents a significant drop of 8.29% from 24 hours ago, and is slightly higher than the price before the surge the previous day.

Bitcoin threatened the $85,000 mark on this day. Compared to the previous day's surge to the $95,000 range, it fluctuated by about $10,000 in just one day.

President Trump noted the day before that he had instructed a working group to push for a virtual asset strategy reserve through an executive order on digital assets, which spurred a rally in the cryptocurrency market.

He continued that the strategy reserve virtual assets would include Bitcoin, Ethereum, and "XRP (Ripple), SOL (Solana), and ADA (Cardano)."

The market cheered Trump's remarks. Bitcoin, which had briefly fallen below the $80,000 level, showed a surge and surpassed the $95,000 mark.

However, Bitcoin is currently plummeting. This crash is interpreted as a result of increasing uncertainty due to the Trump administration's expansion of tariffs.

On this day, President Trump stated that a 25% tariff on Canada and Mexico would take effect starting on the 4th. He also announced that 'reciprocal tariffs' would be imposed starting on the 2nd of next month, foreshadowing an escalation of the global trade war.

At the same time, Ethereum plummeted 14.66%, and XRP (Ripple) fell by 15.79%. Solana and Dogecoin also dropped by 18.23% and 14.93%, respectively.