Cryptocurrency market sees sharp selloff as trade tensions escalate
Trump’s own cryptocurrency, $TRUMP, slips below $20, a sharp decline from its January 19 peak of $73
Bitcoin dropped to a three-week low of $91,441.89 overnight and was trading at $95,730.35 at 0941 GMT, down 6.2% on the day.
Ether, the second-largest cryptocurrency, has lost nearly 25% of its value since Friday, marking its steepest three-day decline since November 2022. It was last trading at $2,592.14.
The downturn followed U.S. President Donald Trump’s decision to impose 25% tariffs on imports from Mexico and most Canadian goods, along with a 10% levy on Chinese products, set to take effect on Tuesday. Canada and Mexico, the top two U.S. trading partners, quickly vowed to retaliate, while China announced it would challenge the tariffs at the World Trade Organization (WTO).
