Prices for Bitcoin (BTC) and other cryptocurrencies are crashing as investors flee risk assets for the safety of bonds and cash.
U.S. President Donald Trump’s reciprocal tariff announcement has led to a worldwide crash in stocks and crypto as fears escalate over an all-out global trade war and its economic fallout.
Consequently, the price of Bitcoin has fallen 5% to $83,100 U.S. over the last 24 hours.
Other cryptocurrencies are faring even worse, with Ethereum (ETH) down 6% and Solana (SOL) down 12%.
Many meme coins are also falling hard, with Dogecoin (DOGE) down 8% in early trading on April 3.
Fears of an escalating trade war have led to an aggressive risk off in markets around the world as investors move to the sidelines amid growing economic chaos.
As has been the case for the past few years, cryptos are trading like stocks as investors move away from assets they consider to be risky.
Trump has declared broad tariffs of 10% on imported goods from around the world, with additional levies imposed on China, the European Union, and other individual nations.
Cryptocurrency prices peaked on Jan. 20, the date of Trump’s inauguration, and have steadily fallen since then.
Bitcoin is down 11% on the year and down nearly 25% from an all-time high of just over $109,000 U.S. reached in January.
