Cryptocurrency prices slid on Monday, with bitcoin at a three-week low, as the risk of a trade war spooked investors and caused a selloff across financial markets.

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.