Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets and President Donald Trump’s own meme coin taking big hits.
The price of bitcoin started falling from about $105,000 shortly after Trump announced plans Saturday to start putting large tariffs on goods from Canada, Mexico and China.
The world’s most popular cryptocurrency fell to about $92,000 Sunday night before rebounding back over $100,000 Monday afternoon following Trump’s announcement of a pause on the tariffs on Mexican goods. He later announced a similar pause on tariffs against Canadian goods.
Bitcoin proved more resilient than other cryptocurrencies. Ethereum, dogecoin, and other popular cryptocurrencies have seen significant price drops since Trump’s weekend tariff announcement. Trump’s meme coin was trading at about $19 Monday, which is about 75% below the all-time high it reached right after Trump launched the coin on the eve of his second inauguration.
“Those are riskier cryptos” than bitcoin, said Garrick Hileman, an independent cryptocurrency analyst. “But it’s a little surprising how big the gap is.”