Market Uncertainty Grows as Trump Imposes Tariffs

In a dramatic turn of events, Bitcoin's value plummeted below $98,000 this Sunday. This downturn comes in the wake of US President Donald Trump's aggressive move to impose tariffs on Mexico, Canada, and China, with the European Union potentially next in line. The global markets are bracing for impact as trade tensions escalate.

Retaliatory Measures Announced by Affected Countries

In response to Trump's tariffs, China, Canada, and Mexico have not taken the decision lightly. Canada, for instance, has proposed imposing 25% tariffs on $155 billion worth of American goods. Meanwhile, the European Union has voiced its criticism of Trump's strategy, warning of strong retaliation should European exports be targeted.

Cryptocurrency Market Reacts

At 12:26 pm ET, Bitcoin experienced a 3.05% drop, trading at $97,512. Shortly after, Ethereum also saw a significant decrease, falling by 3.60% to $3,003. The cryptocurrency market's reaction underscores the widespread uncertainty and concern over the escalating trade war.