Crypto prices plunge as Trump warns of economic "pain" amid escalating trade war, pushing Bitcoin below $97K

Some of the most valuable cryptocurrencies have plunged by 10% or more over the past day amid fears that a trade war fueled by President Donald Trump's tariffs on major trading partners will negatively impact risk assets, News.Az citing the DeCrypt.

Crypto prices crashed on Monday as President Donald Trump's trade war tariffs continue to impact risk assets, pushing Bitcoin below $97,000 and sparking fears of further economic “pain.”

After Trump's team announced tariffs on Canada, Mexico, and China on Friday, crypto prices fell. They fell further on Saturday after the orders were signed.

Bitcoin is now trading at $96,879, down over 5% on the day and 8% over the last week. However, every other coin in the top 10, excluding dollar-pegged stablecoins, has fallen much harder.

For example, Ethereum is down 10% to $2,940, while XRP has plummeted 15% in the last day to $2.54. The native token of Solana, the chain that hosts Trump's own meme coin, has fallen below $200 with a nearly 12% dive.

At the same time, original meme coin Dogecoin is feeling the pain with a 16% daily crash to under $0.27.

As reported by News.Az citing the DeCrypt, crypto prices were already depressed after Trump's team revealed tariffs against Canada, Mexico, and China on Friday, and fell further on Saturday when those orders were signed.

Now that Canada and Mexico have announced retaliatory plans, and with the tariffs expected to impact consumers across the board, prices are falling dramatically amid expectations that the tariffs will potentially diminish interest in investing in risk assets like cryptocurrencies.

On Saturday, Trump wrote on his social media platform Truth Social that "pain" could be coming for Americans.

"This will be the golden age of America!" Trump wrote in all-caps. "Will there be some pain? Yes, maybe (and maybe not!). But we will make America great again, and it will all be worth the price that must be paid."

Liquidations of crypto futures positions have topped $900 million across the market over the last 24 hours, per data from CoinGlass, led by Bitcoin with $180 million worth of liquidations.