BTC price drops 8% to $ 93K as Asia wakes up to Trump’s trade war

Greater cryptocurrency including Bitcoin (BTC), Ether (ETH), Solana’s Sun and XRP were all significant down as Asia began its trade week.

In the middle of the morning Hong Kong time, BTC was down by 8%and traded over $ 93,100, according to Coindesk index data.

Meanwhile, ether (ETH) is down nearly 20% and deals with $ 2,500, while sun is down with 13% of $ 184. XRP is down by 28% and deals with $ 2.

Coindesk 20 (CD20)An index of the largest digital assets is down almost 17%. Trump’s Memecoin (Trump) is down to 12%.

Data from Coinglass shows that nearly $ 1.3 billion in long positions over the past 12 hours has liquidated with about $ 400 million in long ether positions and $ 300 million in long BTC positions.

The market correction stems from a trade war that has apparently been ignited by US President Donald Trump with 25% tariff rates located in Canada and Mexico.

Many market observers are skeptical of the benefits of customs rates with one Wall Street Journal Editorial OV-ED To call it the “stupidest trade war in the story” this weekend.

Brussels said the European Union would respond to all tariffs imposed on its Member States.

“Tariffs create unnecessary financial disturbance and drives inflation. They are hurtful to all sides, “Politico quoted a spokesman.

The United Kingdom seems to be the only nation that is capable of getting a postponement from customs rates where Trump says an agreement can be “prepared” As per BBC.

Trump on his side rejected criticism, In a series of posts about truth social over the weekendsuggesting that critics were funded by China.