Cryptocurrencies slid further as fears over a selloff in US equities eclipsed President Donald Trump's recent efforts to buttress the industry.

Bitcoin fell more than 3% on Tuesday morning in Asia while second-ranked token Ether dropped as much as 6% to $1,756, an intra-day low not seen since October 2023

Cryptocurrencies slid further as fears over a selloff in US equities eclipsed President Donald Trump’s recent efforts to buttress the industry.

Bitcoin fell more than 3% to levels below $15,000 on Tuesday morning in Asia while second-ranked token Ether dropped as much as 6% to hit $1,756, an intra-day low not seen since October 2023, according to data compiled by Bloomberg. Both tokens later erased those declines.

The losses come after a selloff in US equities led by technology stocks picked up steam. The tech-heavy Nasdaq 100 Index dove 3.8% for its worst day since October 2022. Wall Street is jittery after Trump warned that Americans may feel a “little disturbance” stemming from trade wars with Canada, Mexico and China. Strategists and economists across Wall Street have been raising their odds for a US economic downturn.

Trump ordered the creation of a US Bitcoin reserve and a separate stockpile of other tokens ahead of a high-profile crypto summit with industry executives in Washington on March 7 — moves that ultimately did little to help market sentiment.

“Now that the industry has its strategic Bitcoin reserve executive order, crypto has one fewer positive forward catalyst to price in, and we’re left at the mercy of macro risk appetites,” FalconX Global Co-Head of Markets Joshua Lim said. “Bitcoin’s correlation to equities is climbing to levels not seen since August 2024’s yen carry trade unwind.”