Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets and President Donald Trump's own meme coin taking big hits.

The launch of $TRUMP and $MELANIA crypto coins has disappointed some in the crypto industry, who fear they amplify the sector’s sillier and scammier side.

The capital is embracing the crypto crowd with President Trump’s return to office, marking a reversal of the Biden administration’s legal pursuit of companies such as FTX.