Financial Bitcoin plunged 8% in the 48 hours following the policy change to a low of $93,000 before rebounding on Monday. XRP and Ethereum were hit even harder by the news, falling 33% and 22% respectively before regaining some of their losses after Trump walked back part of the policy.

Buying the dip after a massive liquidation flush and higher demand for stablecoin could fuel growth in bitcoin and the broader crypto market, some say.

“A tidal wave of fear, uncertainty and doubt (FUD) has been unleashed across the cryptocurrency market after U.S. president Donald Trump’s Friday tariff announcement,” Petr Kozyakov, chief executive crypto payment platform Mercuryo, said in emailed comments.