The renewed market turbulence erased gains from Monday's relief rally, which came after a temporary agreement by the Trump administration to delay tariffs
Cryptocurrency prices fell on Tuesday as a broader market sell-off erased gains from earlier in the week, sparked by a temporary delay in US tariffs on Mexico and Canada.
Bitcoin dropped 2.4% to $98,517 by 08:10 GMT on Tuesday. It hit a record high of $108,870 on March 25.
Cryptocurrencies fell sharply on Friday after the Trump administration announced tariffs on Mexico, which would be lifted if the country took steps to curb illegal immigration.
The tariffs announcement hit riskier assets, with US investors pulling a net $235 million from a group of 12 Bitcoin-focused exchange-traded funds on Monday.
Open interest in Bitcoin futures contracts on CME Group Inc.’s derivatives exchange fell 4%, also signaling a more cautious approach among institutional players.
President Donald Trump, who is avowedly pro-crypto, has also introduced fresh uncertainty for digital-asset markets.
While cryptocurrencies initially surged following Trump’s election, they are now struggling amid a challenging year that has been marked by geopolitical and regulatory headwinds.
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