BML 4.83 Decreased By ▼ -0.08 (-1.63%)
BOP 13.04 Decreased By ▼ -0.09 (-0.69%)
CNERGY 7.00 Decreased By ▼ -0.04 (-0.57%)
CPHL 83.90 Decreased By ▼ -0.47 (-0.56%)
DCL 13.54 Decreased By ▼ -0.26 (-1.88%)
DGKC 171.70 Increased By ▲ 0.96 (0.56%)
FCCL 45.81 Decreased By ▼ -0.21 (-0.46%)
FFL 15.75 Increased By ▲ 0.11 (0.7%)
GCIL 26.20 Increased By ▲ 0.11 (0.42%)
HUBC 144.21 Decreased By ▼ -1.46 (-1%)
KEL 5.27 No Change ▼ 0.00 (0%)
KOSM 6.36 No Change ▼ 0.00 (0%)
LOTCHEM 20.65 No Change ▼ 0.00 (0%)
MLCF 84.59 Increased By ▲ 0.11 (0.13%)
NBP 124.05 Decreased By ▼ -2.17 (-1.72%)
PAEL 41.40 Decreased By ▼ -0.39 (-0.93%)
PIAHCLA 22.36 Increased By ▲ 0.33 (1.5%)
PIBTL 8.83 Increased By ▲ 0.10 (1.15%)
POWER 13.85 Decreased By ▼ -0.04 (-0.29%)
PPL 163.50 Decreased By ▼ -1.97 (-1.19%)
PREMA 43.10 Increased By ▲ 0.99 (2.35%)
PRL 32.37 Decreased By ▼ -0.15 (-0.46%)
PTC 21.98 Decreased By ▼ -1.71 (-7.22%)
SNGP 116.30 Decreased By ▼ -0.25 (-0.21%)
SSGC 43.45 Decreased By ▼ -1.12 (-2.51%)
TELE 7.86 Decreased By ▼ -0.18 (-2.24%)
TPLP 10.05 Increased By ▲ 0.05 (0.5%)
TREET 23.00 Decreased By ▼ -0.08 (-0.35%)
TRG 56.66 Decreased By ▼ -0.13 (-0.23%)
WTL 1.53 Increased By ▲ 0.01 (0.66%)
BR100 13,864 Increased By 84.7 (0.61%)
BR30 39,499 Decreased By -119.7 (-0.3%)
KSE100 136,380 Increased By 440.1 (0.32%)
KSE30 41,546 Increased By 172.6 (0.42%)

SINGAPORE: Cryptocurrency prices slid on Monday, with bitcoin at a three-week low and ether at its lowest since early September, as the spectre of a global trade war put investors on edge and pushed them out of risky assets.

Bitcoin, the world’s biggest and best-known crypto, fell to $94,476.18 on Monday morning in Asia, touching a three-week low of around $91,441.89. Smaller cryptocurrency ether was down around 24% and back to levels last seen in early September. It last fetched $2,494.33.

Over the weekend, U.S. President Donald Trump imposed 25% tariffs on Mexican and most Canadian imports, and 10% on goods from China, starting on Tuesday.

Canada and Mexico, the top two U.S. trading partners, immediately vowed retaliatory measures, and China said it would challenge Trump’s levies at the World Trade Organization.

Cryptocurrencies trade around the clock, including on weekends, and have lately been sensitive to markets’ broader sentiment. Investors worry that tariffs can hurt growth and company earnings as well as be inflationary.

“Crypto is really the only way to express risk over the weekend, and on news like this crypto resorts to a risk proxy,” said Chris Weston, head of research at Pepperstone.

Bitcoin drops to 11-day low

At the same time, there is added downward pressure on crypto after a strong rally in the wake of Trump’s election, as some investors have felt disappointed at the lack of immediate moves to boost crypto or loosen regulations since he took office.

Bitcoin touched a record high of $107,071.86 on Jan. 20, when Trump was sworn in as the 47th U.S. President and is up 40% since the election in early November in the hopes of crypto-friendly regulations from the Trump administration.

Trump - who once labelled crypto a scam – embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet.”

Last month, Trump ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile.

Comments

200 characters