Cryptocurrencies fell steeply amid fears of tariff wars, with ether once plunging by 30 percent.

According to data from CoinGlass, the cryptocurrency market has seen liquidations surpassing US$1 billion (HK$7.8 billion) in 24 hours. Bitcoin once fell nearly 10 percent and stood at HK$733,534.56 at noon while ether recorded HK$19,907.33.

In Hong Kong, bitcoin stocks also fell sharply, with Boyaa Interactive International (0434) dropping nearly 9 percent and OSL Group (0863) losing nearly 10 percent in the morning session.

US President Donald Trump recently announced the imposition of a 25 percent tariff on goods from Canada and Mexico, and an additional 10 percent tariff on Chinese goods.