Bitcoin dropped as much as 8.5 per cent, the biggest intraday declined since August. The largest cryptocurrency by market value was down 7.6 per cent to US$86,805 at 11.20am in New York on Tuesday.
Other cryptocurrencies also fell, with ether, XRP and solana mostly down more for the session. An index tracking top digital tokens was on pace for its largest four-day drop since early August.
“The fall in bitcoin prices is likely related to broader macro uncertainty that has hit most financial markets in the last couple of days and is linked to the various tariffs being announced by President Trump,” said Adrian Przelozny, CEO of crypto exchange Independent Reserve.
Tumbling crypto prices mirror a broader retreat from risky assets that gained momentum late last week when a string of disappointing economic reports pushed the Nasdaq 100 to what is now its worst four-day drop since September. In turn, money has flowed into bond havens, pushing the 10-year Treasury yield down for five straight sessions.
