The cryptocurrency market has suffered a sharp decline, influenced by global trade tensions and movements in traditional financial markets. US President Donald Trump's announcement of new 25% tariffs on imports from Mexico and Canada, and 10% on Chinese goods, has raised concerns among investors, leading to a widespread sell-off in risky assets, including cryptocurrencies.
Bitcoin, the market-leading cryptocurrency, fell 4.1% and traded at around $95,400. Ethereum, the second-largest cryptocurrency by market cap, suffered an even steeper drop, falling 17% to $2,577. In total, the value of the global cryptocurrency market has fallen from around $3.6 trillion on Friday to around $3.1 trillion.