Cryptocurrency prices took a hit from the r between the U.S. and its major trading partners, with some well-known digital assets seeing values fall more than 10%.
Bitcoin fell below $100,000 after U.S. President Donald Trump announced plans Saturday to start putting large from Canada, Mexico and China.
The world鈥檚 most popular cryptocurrency fell to about $92,000 Sunday night before rebounding to around $99,000 by Monday morning after Trump a pause on the tariffs on Mexican goods.
Ethereum, , and other popular cryptocurrencies saw significant price drops 鈥� some more than 10% -- since Trump鈥檚 weekend tariff announcement. Trump鈥檚 own meme coin, which he just before taking office, also saw a huge drop.
鈥淭hose are riskier cryptos鈥� than bitcoin, said Garrick Hileman, an independent cryptocurrency analyst. 鈥淏ut it鈥檚 a little surprising how big the gap is.鈥�
The sell-off was part of a worldwide drop in financial markets on the eve of Trump鈥檚 tariffs going into effect. Trump warned Americans they from the tariffs, which he said would be 鈥渨orth the price鈥� to make America great again. He also said Sunday night that import taxes will 鈥渄efinitely happen鈥� with the European Union and possibly with the United Kingdom as well.
Bitcoin was created in 2009 as a kind of electronic cash uncontrolled by banks or governments. It and newer forms of cryptocurrencies have moved from the financial fringes to the mainstream in recent years, with bitcoin鈥檚 price movements largely tracking that of tech stocks.
Trump鈥檚 meme coin was trading at about $19 Monday, which is about 75% off the all-time high it reached right after Trump launched the coin on the eve of his second inauguration. First Lady Melania Trump鈥檚 new meme coin has seen an even bigger drop from its all-time high 鈥� nearly 90% -- and is currently trading at about $1.50.
Meme coins are a highly volatile corner of the crypto industry that often start as a joke with no real value but can surge in price if enough people are willing to buy them.
Trump is a former crypto skeptic who has since digital assets, both as a source of personal wealth and as a matter of government policy. He鈥檚 promised to make the U.S. the world capital of crypto and appointed several officials to key government positions.
Cryptocurrencies have enjoyed a surge in value since Trump鈥檚 election and bitcoin is still trading near its all-time high of $109,000.
Alan Suderman, The Associated Press
