Cryptocurrency giant Bitcoin plunged to a three-week low following President Donald Trump's executive order imposing trade tariffs on several countries.
At midday, Bitcoin was at $115,283, down 0.40% since it opened on Friday.
The drop marked a break of a nearly month-long stable rally after opening a new high.
The market also showed signs of early stress as BTC prices began to fall ahead of the tariff deadline.
In the past 12 hours, about $110 billion has flowed out of the crypto spot market, signaling investor reaction to geopolitical and global trade policy uncertainties.
Recently, Donald Trump inaugurated the implementation of high tariffs and various trade deals that have been announced in recent weeks. The move includes raising tariffs on Canada from 25% to 35%, as part of his aggressive approach to global trade negotiations.
The announcement sparked a negative reaction in global markets, with stock markets across Asia trading lower on Friday morning.
Crypto markets were also hit, as risk sentiment weakened broadly amid rising uncertainty over US trade policy.
