Cryptocurrency experienced a sharp decline amidst a tumultuous week driven by escalating tariffs between the US and China, according to Nansen analysts. The firm believes further escalation in this trade dispute represents the worst-case scenario for both risk assets and cryptocurrencies. Nansen’s market outlook comes after Bitcoin and the broader cryptocurrency market suffered significant losses following the U.S. and China announcing additional tariffs earlier this week. 10,000 to 75,000 USD drop was recorded on a ‘Black Monday’. The analysts noted that investor panic has contributed to a global market downturn, with equities plunging after the US-China trade announcement.