“A tidal wave of fear, uncertainty and doubt (FUD) has been unleashed across the cryptocurrency market after U.S. president Donald Trump’s Friday tariff announcement,” Petr Kozyakov, chief executive crypto payment platform Mercuryo, said in emailed comments.

Some market observers believe that increased inflation from tariffs could eventually send Bitcoin skyrocketing, while others are less optimistic.

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