Market Uncertainty Grows as Trump Imposes Tariffs

In a dramatic turn of events, Bitcoin's value fell below $98,000 this Sunday. This significant drop comes in the wake of President Donald Trump's controversial decision to impose tariffs on Mexico, Canada, and China, with the European Union potentially next in line. The global market's reaction was swift, with major economies announcing retaliatory measures against the United States.

Retaliatory Measures Announced

China, Canada, and Mexico have not taken Trump's tariffs lightly. Canada has proposed a 25% tariff on $155 billion worth of American goods, signaling a robust response to protect its economy. Similarly, the European Union has criticized Trump's move, warning of firm retaliation if European exports are targeted. This escalation in trade tensions has sent ripples through the financial markets, affecting cryptocurrencies among other assets.

Impact on Cryptocurrencies

At 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512. Ethereum also saw a significant drop, sliding 3.60% to sell for $3,003 just a minute later. This downturn reflects the growing uncertainty and risk aversion among investors as the trade war escalates.