Cryptocurrency prices jumped after Trump’s surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund.

Euphoria in digital-asset markets stemming from Donald Trump’s plans for a strategic crypto reserve turned to skepticism on Monday, triggering early losses in cryptocurrencies that worsened throughout the day as investors braced for the US to impose 25% tariffs on Mexico and Canada.

A weekend boost for five crypto tokens, courtesy of a social media post from the president, fizzled out by mid-Monday morning.