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Cryptocurrency prices slid on Monday, with bitcoin at a three-week low, as the risk of a trade war spooked investors and caused a selloff across financial markets.📉😱
$BTC , the world's biggest cryptocurrency, hit a three-week low of $91,441.89 📉😱overnight and stood at $95,730.35 at 0941 GMT, down 6.2% on the day. Smaller cryptocurrency ether has lost nearly 25% in value since Friday, marking its biggest three-day loss since November 2022. It last fetched $2,592.14.🚨🥺
Over the weekend, U.S. President Donald Trump imposed 25% tariffs on Mexican and most Canadian imports, and 10% on goods from China, starting on Tuesday.
Canada and Mexico, the top two U.S. trading partners, immediately vowed retaliatory measures, and China said it would challenge Trump's levies at the World Trade Organization.✅😨
Almost a quarter of the 100 largest cryptocurrencies have lost 20% or more in value over the last 24 hours, according to CoinGecko data.
Trump's own cryptocurrency $TRUMP slid below $20, according to CoinGecko. Launched shortly before Trump's inauguration, the cryptocurrency had initially surged, reaching highs above $73 on Jan. 19.
Cryptocurrencies trade around the clock, including at weekends, and have lately been sensitive to markets' broader sentiment. Investors worry that tariffs can hurt growth and company earnings as well as be inflationary.
Bitcoin has fallen less sharply than ether partly because some buyers consider it a "risk-off asset" like gold, and partly because it is easier to sell ether quickly at times of market stress, according to Joseph Edwards, head of research at Enigma Securities.😨🥺
