Bitcoin has returned to the lowest level it has seen in six months, which it recorded earlier this week, as risk appetite was crushed by Trump's tariffs.

Trump's tariffs - which include a massive 104% tax on China - went into effect at midnight Eastern Standard Time on Wednesday.

The tariffs were revealed last week and are widely seen as much worse than markets had expected. Additionally, Trump's 104% tariff against China is significantly larger than the 60% tariffs he had previously threatened.