Greater cryptocurrency including Bitcoin (BTC), Ether (ETH), Solana’s Sun and XRP were all significant down as Asia began its trade week.

In the middle of the morning Hong Kong time, BTC was down by 8%and traded over $ 93,100, according to Coindesk index data.

Meanwhile, ether (ETH) is down nearly 20% and deals with $ 2,500, while sun is down with 13% of $ 184. XRP is down by 28% and trades with $ 2.

Coinglass data shows that nearly $ 1.3 billion in long positions over the past 12 hours has liquidated by about $ 400 million in long ether positions and $ 300 million in long BTC positions.

The market correction stems from a trade war that has apparently been ignited by US President Donald Trump with 25% tariff rates located in Canada and Mexico.

Many market observers are skeptical of the benefits of tariffs, with a Wall Street Journal editor that is up-ed, which calls it the “stupidest trade war in the story” this weekend.

Trump, for his part, rejected criticism in a number of positions on truth social over the weekend, suggesting critics were funded by China.