Major cryptocurrency including bitcoin (BTC), ether (ETH), Solana’s SOL, and XRP were all significantly down as Asia began its trading week.

By mid-morning Hong Kong time, BTC was down 8%, trading above $93,100, according to CoinDesk Indices data.

Meanwhile, ether (ETH) is down nearly 20%, trading at $2,500, while SOL is down 13% at $184. XRP is down 28% and trading at $2.

Data from CoinGlass shows that over the last 12 hours nearly $1.3 billion in long positions have been liquidated, with around $400 million in long ether positions and $300 million in long BTC positions.

The market correction stems from a trade war that has seemingly been ignited by U.S. President Donald Trump with 25% tariffs being placed on Canada and Mexico.

Many market observers are skeptical about the benefits of tariffs, with a Wall Street Journal editorial board op-ed calling it the «Dumbest Trade War in History» over the weekend.

Trump, for his part, dismissed criticism, in a series of posts on Truth Social over the weekend, suggesting that critics were being funded by China.