The slide in cryptocurrencies began Saturday evening after Trump signed an order imposing 25% tariffs on imports from Mexico and Canada, as well as a 10% duty on China. It accelerated Sunday night. The U.S. does about $1.6 trillion in business with the three countries.
"Bulls are de-leveraging massively at the moment as everyone watches closely to see if we get negotiation or a trade war," James Davies, CEO and co-founder at trading platform Crypto Valley Exchange. "But, $110,000 and $120,000 are still the largest call open interest points, so really volatility is the biggest bet being made."