(Reuters) -Bitcoin, the world’s largest cryptocurrency by market value, extended declines on Friday after U.S. President Donald Trump escalated his trade conflict with China.

Trump on Friday said he was raising tariffs on Chinese exports to the U.S. to 100% and imposing export controls on “any and all critical software” in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing.

The spat shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2%.

Bitcoin was last down 8.4% at $104,782 as of 17:20 ET (2120 GMT).

Ethereum, the world’s second-largest cryptocurrency, fell 5.8% to $3637 at 17:21 ET.

(Reporting by Ruchika Khanna in Bengaluru; editing by Diane Craft)