Chinese authorities launched new tariffs on 106 US products on Wednesday (4/4/2018), a move that has rocked investors and further fueled fears of a trade war.
Cryptocurrency such as bitcoin, which is decentralized and unsupported by the government, is a highly unstable asset.
Charles Hayter, chief executive of CryptoCompare, said investors are likely to flee to safer investments as protectionist fears persist.
"In the grand scheme, cryptocurrency lies at the edge of a very risky spectrum and for hot money moments," Hayter.
Bitcoin suffered its worst since the beginning of the year, down 48 percent during the first quarter. The currency of cryptocurrency reached its all-time high near $ 20,000 in December.
