Bitcoin fell 7% to US$93,768, according to Coin Metrics, while the CoinDesk 20 index, which tracks the largest cryptocurrencies, plunged 19%.
Ether dropped 20%, marking its lowest level since November.
The decline began late Saturday after Trump signed an executive order raising tariffs on Mexican and Canadian imports to 25% and imposing a 10% tariff on Chinese goods.
The new trade barriers, set to take effect Tuesday, impact a combined US$1.6 trillion in trade between the US and these nations.
Jeff Park, head of alpha strategies at Bitwise Asset Management, noted that while trade disputes could weaken the US dollar and interest rates over time—potentially benefiting bitcoin—short-term uncertainty tends to weigh on risk assets, including cryptocurrencies.
Bitcoin’s US$90,000 support level is now in focus, with some analysts warning that a significant breakdown could push the price closer to US$80,000. The world’s largest cryptocurrency remains 16% below its January peak of US$109,350, though experienced investors are familiar with 30% pullbacks even in strong bull markets.
Despite the short-term volatility, many in the crypto space view economic instability as a long-term catalyst for Bitcoin adoption—particularly if inflation concerns resurface or global monetary policies shift in response to trade tensions.
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