#BTC
Estimated losses of 100 billion in hours
Cryptocurrencies sharply declined during trading on Monday, after high-risk assets faced pressure, at a time when demand for safe havens strengthened following U.S. President Donald Trump's proposal to impose new tariffs on 8 European countries.
Bitcoin dropped by as much as 3.6% to fall to $93,000 on Monday morning, while other cryptocurrencies recorded even larger losses. Ether, the second-largest digital asset, fell by 4.9%, while Solana dropped by 8.6%. This intense selling wiped out about $100 billion from the total market value of cryptocurrencies.
Trump announced over the weekend his intention to impose a 10% tariff on imports from 8 European countries starting February 1, rising to 25% in June unless an agreement is reached regarding what he described as the purchase of Greenland. This led to a drop in futures contracts for U.S. stock indices at the start of trading on Monday, in contrast to the surge in gold and silver, which are safe-haven assets, to record levels.
When the traditional relationship reverses and safe-haven assets like gold rise while high-risk digital assets decline, you need a platform that connects these opposing movements.