President Donald Trump plans to impose 25% tariffs on all steel and aluminum imports from Monday. Cryptos have previously fallen on tariff announcements.

Bitcoin is trading at 98,500, having lost over 6% in the last seven days. The cryptocurrency market is in no hurry to recover. Trading near $3.3 trillion in capitalisation, the crypto market is consolidating at a lower level. Before that, there was consolidation near $3.5 trillion, and a fortnight ago, it was just below $3.8 trillion.

World's largest cryptocurrency declines to $94,250 at 0830GMT, down from $101,450 on Saturday - Anadolu Ajansı

XRP, the popular altcoin used to facilitate transactions on Ripple’s payment platform, fell 4.9% to $2.31—far off a high of $3.4 in mid-January. There are several reasons why crypto is losing steam. Volumes are low and market sentiment is taking a hit as Trump’s hasn’t yet lived up to promise to create a strategic reserve of Bitcoin.