Cryptocurrency prices tumbled after Donald Trump threatened sweeping tariffs on the US’s largest trading partners, undermining investors’ early expectations the US president would deliver a boost to the industry.
Bitcoin sank as much as 7 per cent to $92,500 on Monday, its lowest level in three weeks, leading a rout of the sector. Ethereum, the second-largest and widely used in decentralised finance trading, fell more than a fifth to $2,565 per token. The two tokens retraced some of their losses after Mexico and the US agreed to put tariffs on hold for a month, pushing bitcoin to $98,000.
The declines took the losses over the weekend to a nominal value of $430bn, according to CCData, amounting to a 13 per cent decline of the entire market.
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