Market Uncertainty Grows as Trump Imposes Tariffs

In a surprising turn of events, Bitcoin's value dipped below $98,000 this Sunday. This decline comes in the wake of US President Donald Trump's decision to impose tariffs on Mexico, Canada, and China, with the European Union potentially being the next target. This move has significantly increased market uncertainty, affecting cryptocurrency values globally.

Retaliatory Measures Announced by Affected Countries

In response to Trump's tariffs, China, Canada, and Mexico have announced retaliatory measures. Notably, Canada has proposed a 25% tariff on $155 billion worth of American goods. The European Union has also voiced strong criticism against Trump's decision, warning of firm retaliation should European exports be targeted. These developments have further fueled the volatility in the cryptocurrency market.

Impact on Cryptocurrency Values

As of 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512. Shortly after, Ethereum experienced a 3.60% drop, with its value decreasing to $3,003. The ongoing trade war and the resulting economic uncertainty continue to influence the cryptocurrency market, leading to significant fluctuations in digital currency values.