Crypto market capitalization has lost 18% over the past week, falling to its lowest level since the end of October at $2.75 trillion on Friday.
Support lines have been broken, and all gains since the US presidential election in November have been wiped out as a whopping $600 billion has exited the space over the past week.
The massive selloff has been a knee-jerk reaction to US President Trump’s trade tariffs. This week, he warned that 25% tariffs on Mexican and Canadian goods would take effect on March 4 and said there would be an additional 10% tax on China as well as threatening duties on the European Union.
Since trade war worries began on Jan. 20, crypto markets have erased $800 billion.
Trade Tensions
Trade tensions often create market volatility across all asset classes, including cryptocurrencies and stocks, which have also been tumbling. Crypto also takes a hit when liquidity dries up and a lot of it has gone back into the US dollar.
“The US dollar becomes the ‘safest r
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