Market Turmoil Following Trump's Tariff Announcements

In a dramatic turn of events late Sunday, the cryptocurrency market experienced significant downturns. United States President Donald Trump's firm stance on tariffs has sent shockwaves through the market, leading to a notable decrease in the value of both Bitcoin and Ethereum. This market uncertainty was further exacerbated by Trump's recent decision to impose tariffs on several countries, including Canada, Mexico, and China, with threats of extending these tariffs to the European Union.

Trump's Tariff Strategy

Without specifying a timeline, President Trump emphasized that new tariffs on the European Union would be implemented "pretty soon." Additionally, he warned that tariffs against Canada and Mexico could intensify if these countries do not address the trade deficit with the US and curb the flow of fentanyl into the country.

Impact on Cryptocurrency

At 9:06 pm ET, the repercussions of these announcements were clear. Bitcoin's value decreased by 4.73%, trading at $92,935, while Ethereum saw a more significant drop of 13.52%, selling for $2.455. This downturn highlights the sensitivity of the cryptocurrency market to global economic policies and announcements.