Financial Bitcoin plunged 8% in the 48 hours following the policy change to a low of $93,000 before rebounding on Monday. XRP and Ethereum were hit even harder by the news, falling 33% and 22% respectively before regaining some of their losses after Trump walked back part of the policy.
The crash comes in response to a Tuesday policy deadline during which Trump’s tariffs are scheduled to take effect. The president signed executive orders imposing a 25% levy on all imported goods from Canada and Mexico. On Monday, Trump paused the implementation of tariffs on Mexico for one month after the country’s president agreed to send 10,000 troops to the border, leading cryptocurrencies to quickly rebound.
