“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.

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.

Cryptocurrencies tumbled on Sunday in a risk-off move after President Donald Trump hit Canada, Mexico and China with long-threatened import tariffs.