India, March 4 -- Cryptocurrencies erased bumper gains recorded a day ago as an escalation in the global trade war eclipsed the euphoria generated by the proposal to create a Crypto Strategic Reserve.
The new 25 percent tariffs on imports from Mexico and Canada announced by President Trump took effect on Tuesday, alongside a doubling of duties on Chinese goods to 20 percent, dampening global market sentiment. Cryptocurrencies aligned with the negative trend in global markets that tumbled as the much-feared trade tariffs finally came into effect.
Amidst the crypto selloff, overall crypto market capitalization has dropped to a low of $2.63 trillion implying an overnight loss of more than 11 percent. More than 90 percent of the top 100 crypt...