Worries about U.S. tariffs may well have triggered the moves. Cryptos tend to move in tandem with tech stocks, and the Nasdaq 100 index closed 0.8% lower Monday after President Donald Trump posted several letters to world leaders threatening 25% to 40% levies from Aug. 1 if they don’t make a deal in the meantime.

Replying to a tweet that questions the America Party’s stance on cryptocurrency, Musk gave a brief answer that indicated his lack of faith in the U.S. dollar. “Will America Pa