Cryptocurrency prices experienced a significant downturn following the announcement of potential trade wars between the U.S. and its major trading partners. This resulted in a drop of over 10% in the values of some well-known digital assets. Bitcoin, the most popular cryptocurrency, fell below $100,000 after U.S. President Donald Trump revealed plans to impose substantial tariffs on goods from Canada, Mexico, and China.
Bitcoin's value plummeted to around $92,000 on Sunday night but managed to rebound to approximately $99,000 by Monday morning after Trump declared a temporary halt on the tariffs concerning Mexican goods. Other prominent cryptocurrencies such as Ethereum, dogecoin, and various others also witnessed significant price declines, with some experiencing drops exceeding 10% following Trump's tariff announcement over the weekend.
