(Bloomberg) — Second-ranked cryptocurrency Ether (ETH-USD) led a fresh wave of selling in digital assets as US President Donald Trump insisted on pushing ahead with 104% tariffs on many Chinese goods, dimming hopes that a brutal trade war might be avoided.

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Ether fell more than 6% on Wednesday to hit its lowest intra-day level since March 2023 before trimming losses to trade at $1,432 at 9.51 a.m. in Singapore. Bitcoin (BTC-USD), the largest cryptocurrency, dropped more than 3% before regaining some ground.

Trump and top administration officials on Tuesday signaled the US was open to dealmaking that could reduce or eliminate higher tariffs on dozens of nations. But Asian stocks sank as wider financial markets were hit by fresh turmoil after the president ratcheted up the pressure on China.

“It seems like people have given up on a major recovery in crypto in the first half of the year,” said Sean McNulty, head of APAC derivatives at digital-asset prime brokerage FalconX.

Put options offering downside protection for Ether and Solana were bought in bulk overnight, according to McNulty, who added that the next key support level for Bitcoin is around $65,000.

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