As concerns around President Donald Trump’s tariff plans weighed on cryptocurrencies this week, ether experienced a sharper selloff than bitcoin, extending its underperformance, despite some traders’ hope that it could make a turnaround.

US tariffs imposed by President Trump have led to a significant downturn in the cryptocurrency market, with Bitcoin dropping 5% and Ether crashing over 26%. Smaller tokens also experienced declines, as investors reacted to the new trade measures against China,

Bitcoin ( BTC-USD) slid to below the $95,000 level overnight as risk-off sentiment took over in the wake of U.S. President Donald Trump starting a trade war with Canada, Mexico and China by unveiling fresh tariffs over the weekend.

World Liberty Financial, the decentralized-finance project linked to Donald Trump’s family, appears to have added tens of million of dollars worth of the Ether cryptocurrency after crypto markets crashed during the weekend as the US president briefly imposed tariffs on Mexico and Canada.

After President Donald Trump announced, on Saturday, February 1, tariffs of 25 percent on all goods entering the United States from Canada and Mexico, stock futures plummeted. Trump subsequently agreed to delay those tariffs by 30 days.