On Monday, cryptocurrency prices fell: BTC dropped to a three-week low, and Ether fell to its lowest level since early September, as the specter of a global trade war made investors nervous and pushed them out of risky assets.
Bitcoin, the largest and most well-known cryptocurrency in the world, fell to $94,476.18, reaching a three-week low of around $91,441.89. The smaller cryptocurrency Ether dropped by approximately 24% and returned to levels last seen in early September.
Over the weekend, U.S. President Donald Trump imposed a 25% tariff on Mexican and most Canadian imported goods, as well as 10% on goods from China, starting Tuesday.
Canada and Mexico, the two largest trading partners of the U.S., immediately promised to take retaliatory measures, while China stated that it would challenge Trump's tariffs at the World Trade Organization.
Cryptocurrency trading occurs 24/7, including on weekends, and recently it has become sensitive to overall market sentiment. Investors are concerned that tariffs may harm the growth and profits of companies and lead to inflation.
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