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Cryptocurrency prices plunged on Monday, with Bitcoin hitting a three-week low of $91,441.89 before recovering slightly to $95,730.35 at 0941 GMT, marking a 6.2% daily drop. Ether tumbled nearly 25% since Friday, its worst three-day decline since November 2022, last trading at $2,592.14.
The selloff followed U.S. President Donald Trump’s announcement of 25% tariffs on Mexican and Canadian imports and 10% tariffs on Chinese goods, set to take effect Tuesday. Canada, Mexico, and China vowed retaliation, further rattling investors. Global financial markets suffered, with nearly a quarter of the top 100 cryptocurrencies losing over 20% in 24 hours, according to CoinGecko. Shares of Coinbase (NASDAQ:COIN) also slid 5.5% in pre-market trading.
Trump’s own cryptocurrency, $TRUMP, plunged below $20 after previously peaking above $73 on Jan. 19. Analysts note that cryptocurrencies, which trade 24/7, often act as risk proxies when traditional markets are closed. Chris Weston of Pepperstone highlighted that crypto’s weekend performance reflects broader market sentiment.
Bitcoin, seen as a “risk-off asset” like gold, held up better than ether. Joseph Edwards of Enigma Securities noted that while the market broadly declined, Bitcoin’s relative stability stood out.
Investors had hoped for crypto-friendly policies from Trump’s administration after his campaign’s pro-crypto stance. Bitcoin hit a record high of $107,071.86 on Jan. 20 but has since faced selling pressure. While Trump ordered a cryptocurrency working group to explore regulations and a national crypto reserve, expectations of government Bitcoin purchases remain unmet.
Despite short-term volatility, Wincent’s Paul Howard believes long-term growth, supported by a friendlier U.S. stance on digital assets, will outweigh current macroeconomic risks.
