Some of the most valuable cryptocurrencies have plunged by 10% or more over the past day amid fears that a trade war fueled by President Donald Trump’s tariffs on major trading partners will negatively impact risk assets.
Bitcoin is now trading for $96,879, down over 5% on the day and 8% over the last week—but every other coin in the top 10, excluding dollar-pegged stablecoins, has fallen much harder.
Ethereum, for example, is down 10% to $2,940, while XRP has plummeted 15% in the last day to $2.54. The native token of Solana, the chain that hosts Trump’s own meme coin, has fallen below $200 with a nearly 12% dive, while original meme coin Dogecoin is feeling the pain with a 16% daily crash to under $0.27.
Crypto prices were already depressed after Trump’s team revealed tariffs against Canada, Mexico, and China on Friday, and fell further on Saturday when those orders were signed.
Now that Canada and Mexico have revealed retaliatory plans, prices are falling dramatically amid expectations that the tariffs will impact consumers across the board and potentially diminish interest in investing in risk assets like cryptocurrencies.
On Saturday, Trump wrote on his social media platform Truth Social that “pain” could be coming for Americans.
“This will be the golden age of America!” Trump wrote in all-caps. “Will there be some pain? Yes, maybe (and maybe not!). But we will make America great again, and it will all be worth the price that must be paid.”
Liquidations of crypto futures positions have topped $900 million across the market over the last 24 hours, per data from CoinGlass, led by Bitcoin with $180 million worth of liquidations.
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