Cryptocurrencies tumbled on Sunday in a risk-off move after President Donald Trump hit Canada, Mexico and China with long-threatened import tariffs.

The price of bitcoin was last lower by 3%, according to Coin Metrics, a modest loss compared to the broader crypto market. Earlier, it fell as low as $96,202.42. The U.S. dollar index, which has an inverse relationship with bitcoin, was up nearly 1%.

The CoinDesk 20 index, which measures the largest 20 digital assets by market cap, dropped 9%. Ether slumped to its lowest level since November.

The slide began Saturday night after Trump signed an order imposing 25% tariffs on imports from Mexico and Canada, as well as a 10% duty on China, which will take effect Tuesday. The U.S. does about $1.6 trillion in business with the three countries.

Jeff Park, Bitwise Asset Management’s head of alpha strategies, said a sustained tariff war will be “amazing” for bitcoin in the long-run due to an eventual weakening of the dollar and U.S. rates.

While many believe bitcoin is a hedge against inflation and uncertainty over the long term, it trades like a risk asset in the short term — and is likely to respond negatively to any uncertainty around the trade war triggered by Trump’s tariffs.

Investors are watching $90,000 as the key support level in bitcoin, and some have warned of an even deeper pullback toward $80,000 should the cryptocurrency meaningfully break below its support.

Bitcoin is about 11% off its Jan. 20 record of $109,350.72. Seasoned crypto investors and traders have become accustomed over the years to corrections of around 30% during bull markets.