Internet reports that in response to tariffs announced by U.S. President Trump over the weekend, cryptocurrency traders have significantly reduced positions in a series of tokens. Data showed that on Monday morning, Ethereum, the second-largest digital asset by market value, plunged 27% to US$2135 in Asian markets, before the decline narrowed. This is the largest intraday decline for the token since May 2021. Negative sentiment in the market also put pressure on other cryptocurrencies, with Bitcoin falling nearly 6% at one point, with smaller tokens falling even more. Caroline Bowler, CEO of BTC Markets, said: "Trump's tariff war is affecting the entire market, and concerns that a trade war and stagflation will trigger a recession are spreading to all cryptocurrencies and bitcoin."