Market Uncertainty Escalates

Following President Donald Trump's announcement of new tariffs on Canada, Mexico, and China, the cryptocurrency market experienced significant volatility. The situation worsened when Trump hinted at imposing tariffs on the European Union, stating they would come "pretty soon." This move has injected a high level of uncertainty into global markets, affecting investor sentiment.

Impact on Cryptocurrencies

By 9:06 pm ET, Bitcoin had fallen by 4.73%, trading at $92,935. Ethereum was hit even harder, plummeting by 13.52% to $2,455. These dramatic shifts underscore the sensitivity of cryptocurrencies to global trade policies and market sentiment.

Potential for Further Deterioration

Trump warned that tariffs against Canada and Mexico could intensify if the trade deficit with the US is not addressed and the flow of fentanyl into the country is not stopped. This statement has further fueled fears among investors, leading to a cautious approach in the cryptocurrency market.