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Bitcoin continued its slide on Wednesday following President Donald Trump’s threat to impose a 25% tariff on the European Union.

The announcement came during the president’s first cabinet meeting, causing the leading cryptocurrency to drop below the $83,000 mark.

The coin hit a low of $82,131.90 after the news made headlines. Meanwhile, Bitcoin’s market dominance currently stands at 59.72%, down 0.31% from the previous day.

The global crypto market capitalization has dropped to $2.78 trillion, marking a 3.97% decrease over the last day.

Total trading volume in the crypto market fell by 34.70% to $139.74 billion over 24 hours.

Major altcoins such as XRP, ETH and SOL were all trading in the red.

Donald Trump has warned of a 25% tariff on imports from the European Union, criticizing the bloc by stating it “was formed to screw the United States.”

His remarks came during his first cabinet meeting of his second term on Wednesday, where billionaire Elon Musk, whom Trump has tasked with cutting government spending, was also present.

When asked about his tariff plans, Trump said, “We have made a decision and we’ll be announcing it very soon,” adding that the 25% tariff would apply broadly, including to cars and other goods.

His statement raises concerns about a potential transatlantic trade conflict that could impact both the U.S. and European economies while further straining diplomatic relations between Western allies.

On Wednesday evening, the European Commission signaled it would retaliate if the tariffs were imposed, warning that the EU would “react firmly and immediately against unjustified barriers to free and fair trade.”

Trump is also planning to introduce 25% tariffs on Canada and Mexico as part of the administration’s effort to curb undocumented immigration and fentanyl trafficking across US borders.

The tariff threat follows the largest day of spot Bitcoin ETF outflows on Tuesday, when over $1 billion in combined net outflows were recorded.

This development, combined with a series of crypto scandals, less-than-favorable policy updates, and a significant hack, has pushed Bitcoin into what technical analysts are calling bear market territory.

Bitcoin’s price has fallen by as much as 23.4% from January’s record high of $109,114.

The recent sell-off that started over the past weekend following the Bybit hack continued to intensify.

Market volatility has been evident in the recent liquidation figures.

Over the past 24 hours, more than 157,000 leveraged traders were liquidated, totaling $625 million.

Bitcoin liquidations accounted for approximately $340 million of this amount, while Ethereum contributed about $117 million.

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