Crypto Market Sheds $150 Billion as China Hits Back at the US

Cryptocurrencies continued to lose ground after a historic round of liquidations that triggered a sharp selloff over the weekend, as trade tensions weighed on risk assets.

Bitcoin, the largest digital asset, fell as much as 5% to just below $110,000 on Tuesday in New York, while Ether dropped 9.3% to below $3,900. Smaller, more volatile tokens also slipped, dragging the combined market value of all cryptocurrencies down by more than $150 billion over a 24-hour period, according to CoinGecko data.

The slide came as China imposed curbs on the American units of Hanwha Ocean Co., one of ...