Bitcoin (BTC), Ether (ETH) and Other Major Cryptocurrencies Slump as Asia Begins Trading Week

By mid-morning Hong Kong time, BTC was down 8%, trading above $93,100, according to CoinDesk Indices data.

Major cryptocurrencies opened the Asia trading week with hefty losses on Monday as a trade war sparked by U.S. President Donald Trump's 25% tariffs on Canada and Mexico hit risk assets.

Bitcoin (BTC) slid 8% to trade above $93,100, ether (ETH) dropped nearly 20% to $2,500, Solana's SOL fell 13% to $184 and XRP slid 28% to trade at $2, as per CoinDesk Indices data at mid-morning Hong Kong time.

The CoinDesk 20 (CD20) index, which measures the performance of the largest digital assets, dropped nearly 17%, while Trump's memecoin (TRUMP) slid 12%.

Data from CoinGlass showed that over the last 12 hours nearly $1.3 billion in long positions have been liquidated, with around $400 million in long ether positions and $300 million in long BTC positions.

The market correction comes amid a trade war that U.S. President Donald Trump appeared to ignite with the 25% tariffs on Canada and Mexico.

The tariffs are part of a Section 301 investigation into the trade practices of U.S. allies, which began during the Trump administration in 2018. The investigation focused on whether the trade practices violated Section 301 of the U.S. Trade Act of 1974.

The tariffs, which were set to expire on May 17, were intended to pressure the U.S. allies to change their trade practices. However, the Biden administration decided to extend the tariffs for an additional six months.

The move sparked criticism from market observers, with a Wall Street Journal editorial board op-ed calling it the “Dumbest Trade War in History” over the weekend.

The European Union said it would respond firmly to any tariffs imposed on its member states.

“Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides,” a spokesperson said, as reported by Politico.

The U.K. appears to be the only nation that will get a reprieve from the tariffs, with Trump saying a deal can be “worked out,” according to the BBC.

Trump, meanwhile, dismissed the criticism in a series of posts on Truth Social over the weekend, suggesting that critics were being funded by China.