Market Turmoil Following Trump's Tariff Announcements

In a dramatic shift late Sunday, the cryptocurrency market experienced significant volatility. This was largely attributed to United States President Donald Trump's assertive tariff policies. The uncertainty was already palpable after Trump's decision to impose tariffs on Canada, Mexico, and China. However, the situation escalated when he hinted at new tariffs against the European Union, stating they would be implemented "pretty soon."

Impact on Bitcoin and Ethereum

By 9:06 pm ET, Bitcoin had fallen by 4.73%, trading at $92,935. Ethereum suffered an even steeper decline, plummeting 13.52% to $2,455. These movements underscore the sensitivity of the cryptocurrency market to geopolitical and economic policy changes.

Trump's Warning to Canada and Mexico

Trump also issued a stark warning to Canada and Mexico, suggesting that tariffs could become "much worse" if the trade deficit with the US is not addressed and the flow of fentanyl into the country is not curtailed. This adds another layer of complexity to the ongoing trade discussions and their impact on global markets.