Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets and President Donald Trump's own meme coin taking big hits.

President Donald Trump’s tariffs on major trading partners, including China, Canada, and Mexico, wipes $2.26 billion from the crypto market. Nick Forster, Founder of Derive.xyz, told FXStreet that recent tariffs imposed are likely to increase inflation, which could dampen investor sentiment in crypto markets.

Cryptocurrency prices slid on Monday as the risk of a trade war spooked investors and caused a selloff across financial markets.

Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets seeing values fall more than 10%