Market Uncertainty Rises as Trump Imposes Tariffs

In a significant market movement, Bitcoin fell below the $98,000 mark on Sunday. This dip 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. The decision has sparked widespread market uncertainty, affecting not just traditional markets but also the volatile cryptocurrency sector.

Global Retaliation and Market Reactions

In response to Trump's tariffs, China, Canada, and Mexico have announced retaliatory measures. Canada, for instance, is proposing a 25% tariff on $155 billion worth of American goods. The European Union has also voiced its criticism, warning of firm retaliation should European exports be targeted. This escalating trade war has led to a noticeable impact on cryptocurrency values, with Bitcoin and Ethereum experiencing significant drops.

Cryptocurrency Market Takes a Hit

At 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512. Shortly after, Ethereum also saw a decline, dropping by 3.60% to sell for $3,003. These movements highlight the growing influence of geopolitical tensions on the cryptocurrency market, underscoring the interconnectedness of global finance and digital currencies.