Crypto markets took a hit during the late hours of the US session on Monday, resulting in significant liquidations as Bitcoin (BTC) continued its downward trend. The crash was spurred by reports on US President Donald Trump's tariffs on Mexico and Canada, leading to a mass sell-off.

This marks the second time that the president's tariff decisions have impacted the crypto market, showcasing Bitcoin's growing sensitivity to macroeconomic events.

Trump's announcement regarding tariffs on Canada and Mexico led to a sharp decline in Bitcoin's price, slipping below the $92,000 mark. The broader crypto market also experienced a crash, with total market capitalization plummeting by up to 7%. Data from Coinglass revealed that nearly $1 billion worth of liquidations occurred across the industry, affecting over 299,000 traders.

The majority of positions that were liquidated were long positions, as Bitcoin's price dipped to $91,514. This isn't the first time that Trump's tariff policies have influenced crypto markets, with a similar event wiping out over $2 billion from the market earlier this year.

In response to the recent crash, MicroStrategy chair Michael Saylor viewed it as an opportunity to purchase Bitcoin at a discounted price, echoing sentiments shared by financial author Robert Kiyosaki. Kiyosaki has been encouraging investors to capitalize on market downturns to build wealth amidst global economic uncertainty.

Despite the market corrections, the sentiment remains mixed, with some analysts highlighting the significant impact of Trump's policies on the crypto sector. As of the latest update, Bitcoin traded at $92,047, reflecting a 3.4% decrease since the start of Tuesday's session.