US President Donald Trump’s imposition of tariffs on major US trading partners has led to a significant sell-off in cryptocurrency markets, with the MVIS CryptoCompare Small-Cap index experiencing its worst two-day rout since May 2022. The index declined by as much as 21% on Monday and added to the previous day’s 11% drop. This move has increased uncertainty in crypto markets.
The second-biggest cryptocurrency, Ether, also faced significant losses, briefly falling by as much as 27% before recovering some of its losses. In contrast, Bitcoin held up relatively better, with a decline of only about 1% as of 9:26 a.m. in London.
Source: https://www.bloomberg.com/news/articles/2025-02-02/crypto-bears-brunt-of-risk-off-moves-after-trump-unveils-tariffs