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Crypto Prices Plunge Amid Market Decline

Prices for cryptocurrencies are plunging amid a broad selloff in equities that has been sparked by tariffs the U.S. has imposed on key trade partners such as Canada, Mexico and China.

The price of Bitcoin (BTC), the largest cryptocurrency by market capitalization, is down 3% and currently trading at $95,300 U.S.

The price of Ethereum (ETH), the second-largest crypto, is down 12% to $2,600 U.S. per digital token.

Smaller cryptocurrencies such as Dogecoin (DOGE) and XRP (XRP) are down 7% and 10% respectively.

The decline in crypto prices comes as investors flee risk assets as Trump’s tariffs spark fears of a global trade war that will lead to higher consumer prices and, potentially, higher interest rates.

In addition to tariffs of up to 25% imposed on imports from Canada, Mexico and China, Trump is also threatening to impose similar tariffs on Europe and the United Kingdom.

The U.S. tariffs, and countermeasures being announced by Canada, Mexico and China, have economists, investors, and analysts worried about an all-out global trade war.

As a result, investors are selling out of riskier assets such as cryptocurrencies and moving to the sidelines, holding cash or buying U.S. Treasuries.

Cryptocurrency prices had already been wavering in the days leading up to Trump’s tariff announcement on Feb. 1 as investors around the world grow increasingly cautious.

Bitcoin’s price has now declined 13% since hitting an all-time high slightly above $109,000 U.S. on Jan. 20, the day of Trump’s inauguration.