Trump's Tariffs "Crash" Bitcoin - Cryptocurrencies Fall Due to Trade Uncertainty
Cryptocurrency prices plunged on Monday, with bitcoin hitting a three-week low and ether at its lowest since early September, unnerving investors and prompting them to sell risky assets.
Bitcoin, the world’s largest and most popular cryptocurrency, fell to $94,476.18 on Monday morning, hitting a three-week low of around $91,441.89. The smaller cryptocurrency ether fell about 24% and returned to early September levels. It last hit $2,494.33.
Over the weekend, US President Donald Trump imposed 25% tariffs on Mexican and Canadian imports, and 10% on goods from China, starting Tuesday.
Canada and Mexico, the US's two main trading partners, immediately vowed retaliatory measures, and China said it would challenge Trump's tariffs at the World Trade Organization.
Looking at market movements, investors worry that tariffs could hurt companies' growth and revenue, as well as be inflationary.
Bitcoin hit a record high of $107,071.86 on January 20, when Trump was sworn in as the 47th President of the United States, and has risen 40% since the election in early November, on hopes of crypto-friendly regulations.
Last month, Trump ordered the creation of a cryptocurrency task force, which would propose new regulations for digital assets and explore the creation of a national crypto stockpile.
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