Market Turbulence Follows Trump's Tariff Announcements

In a dramatic turn of events late Sunday, the cryptocurrency market experienced significant volatility. This upheaval was largely attributed to United States President Donald Trump's assertive stance on trade tariffs. The uncertainty in the market was palpable following Trump's decision to impose tariffs on Canada, Mexico, and China, a move that was further exacerbated by his announcement of potential tariffs on the European Union.

Trump's Tariff Strategy: A Closer Look

While specifics on the timeline remain unclear, Trump emphasized that new tariffs on the European Union would be implemented "pretty soon." Additionally, he cautioned that tariffs against Canada and Mexico could intensify, should these countries fail to address the trade deficit with the US and curb the flow of fentanyl into the country.

Cryptocurrency Prices Plunge

At 9:06 pm ET, the repercussions of these announcements were evident in the cryptocurrency market. Bitcoin saw a decrease of 4.73%, trading at $92,935, while Ethereum experienced a more significant drop of 13.52%, with its value falling to $2,455.