Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets seeing values fall more than 10%

President Donald Trump has begun a new trade war with Canada, Mexico, and potentially China, and this has had a significant ripple effect on the broader financial landscape, including the cryptocurrency market.

Some market observers believe that increased inflation from tariffs could eventually send Bitcoin skyrocketing, while others are less optimistic.