The recent decline in cryptocurrency prices is closely linked to escalating trade tensions following President Trump's implementation of extensive tariffs on imports from China, the European Union, and Japan. These tariffs have intensified fears of a global recession, leading investors to move away from riskier assets, including cryptocurrencies. 

Bitcoin, for instance, fell below the significant $80,000 mark, dropping 5% to approximately $79,000. Altcoins like XRP and Ether experienced even steeper declines, with XRP falling 19% to $1.70 and Ether dropping to $1,462.