Market Uncertainty Grows as Trade Tensions Escalate

In a dramatic turn of events, Bitcoin's value dropped below $98,000 this Sunday. This significant dip comes in the wake of President Donald Trump's aggressive decision to impose tariffs on Mexico, Canada, and China, with the European Union potentially next in line.

Retaliatory Measures Announced by Affected Countries

In response to Trump's tariffs, China, Canada, and Mexico have announced their own set of retaliatory measures. Notably, Canada has proposed imposing a 25% tariff on $155 billion worth of American goods, signaling a sharp escalation in trade tensions.

EU Criticizes Trump's Trade Policies

The European Union has also voiced its criticism against Trump's latest move, warning of firm retaliation if European exports are targeted. This growing conflict has injected a high level of uncertainty into global markets, affecting not just traditional currencies but also cryptocurrencies like Bitcoin and Ethereum.

Impact on Cryptocurrency Markets

As of 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512. Similarly, Ethereum experienced a 3.60% drop, selling for $3,003 just a minute later. This volatility underscores the interconnectedness of global trade policies and cryptocurrency markets.