Cryptocurrency markets suffer sell-off as tariff war fuels economic fears

Cryptocurrency prices continued to fall, with Bitcoin dropping to its lowest level since November last year, as escalating tariff war tensions fuelled concerns about the economy, cancelling out US President Donald Trump's pro-cryptocurrency statement last week. Risky assets such as cryptocurrencies have come under pressure on fears that Trump's tariffs and government firings will undermine U.S. economic growth. U.S. stocks slumped and U.S. Treasuries rose as investors sought safe-haven.Nikolay Karpenko, head of B2C2, said, ‘While Trump's statement on cryptocurrencies’ strategic reserves initially drove optimism, the rally quickly disintegrated as macroeconomic conditions deteriorated and the market witnessed an aggressive sell-off. ’