Bloomberg: Crypto markets suffered major blow from risk-averse moves after Trump announced tariffs

Odaily reported that BTC Markets CEO Caroline Bowler said, "Trump's trade war is affecting the entire market, and concerns about the trade war and stagflation-induced recession are spreading to the Altcoin and BTC markets." BTC fell to around $97,000, the lowest level in more than two weeks. Specifically, BTC fell 4.3% in trading last Sunday, ETH fell 8%, and the sell-off of Altcoins was more intense. Including DOGE, which fell around 14% during the trading session, down 45% from the high reached after Trump's election victory on December 8 last year. Altcoins such as XRP, ADA, AVAX, and LINK all fell more than 10%. On February 1, local time, the U.S. government announced that it would impose a 25% tariff on imports from Canada and Mexico. U.S. President Trump signed a tariff order that day, imposing an additional 25% tariff on imports from Canada and Mexico, and a 10% tariff on energy resources from Canada. The tariffs are scheduled to take effect on the 4th. The White House said that if the U.S. tariffs are retaliated against, the U.S. may increase the tariffs.