Published by Global Banking & Finance Review®
Posted on February 2, 2025
1 min readLast updated: January 26, 2026
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Bitcoin falls below $100,000 as global tariff concerns shake markets. The cryptocurrency market reacts to U.S. tariffs on imports from Mexico, Canada, and China.
SINGAPORE (Reuters) - Cryptocurrency prices slid as the spectre of a global trade war put investors on edge and pushed them out of risky assets.
Bitcoin was down more 4% early on Monday morning in Asia, touching a three-week low around $96,606. Smaller cryptocurrency ether was down around 12% and back to levels last seen in early November.
Over the weekend, U.S. President Donald Trump imposed 25% tariffs on Mexican and most Canadian imports, and 10% on goods from China, starting on Tuesday.
Cryptocurrencies trade around the clock, including on weekends, and have lately been sensitive to markets' broader sentiment.
Investors think tariffs can hurt growth and company earnings.
"Crypto is really the only way to express risk over the weekend, and on news like this crypto resorts to a risk proxy," said Chris Weston, head of research at Pepperstone.
At the same time, there is added downward pressure on crypto after a strong rally in the wake of Trump's election, as some investors have felt disappointed at the lack of immediate moves to boost crypto or loosen regulations since he took office.
(Reporting by Tom Westbrook; Editing by Sandra Maler)
Bitcoin prices fell over 4% due to concerns about a global trade war, particularly after the U.S. imposed tariffs on imports from Mexico, Canada, and China.
Ether, another major cryptocurrency, saw a decline of around 12%, reaching levels not seen since early November.
Investors believe that tariffs can negatively impact economic growth and company earnings, leading to a sell-off in risky assets like cryptocurrencies.
Cryptocurrencies trade continuously and are sensitive to broader market sentiment, often acting as a risk proxy during uncertain times.
Following Trump's election, there was a strong rally in cryptocurrencies, but some investors have since expressed disappointment over the lack of immediate supportive measures for the crypto market.
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