On March 11, the price of cryptocurrencies continued to fall, with Bitcoin falling to its lowest level since November last year, as the escalating trade war tensions raised concerns about the economy, offsetting the supportive statement on cryptocurrencies made by US President Trump last week.
Due to concerns that Trump's tariffs and government dismissals will undermine US economic growth, risk assets such as cryptocurrencies are under pressure. As investors seek safe havens, the US stock market has declined and US Treasuries have risen.
B2C2 executive Nikolay Karpenko said: "While Trump's statement on the cryptocurrency strategic reserve initially boosted optimism, as the macroeconomic situation deteriorated, the market saw a radical sell-off, and this rebound quickly dissipated."
