Market Uncertainty Escalates

In a dramatic turn of events late Sunday, the cryptocurrency market experienced significant volatility. This was primarily due to United States President Donald Trump's firm stance on tariffs, which sent shockwaves through the market. The uncertainty was already palpable following Trump's decision to impose tariffs on Canada, Mexico, and China. However, the situation escalated further when he hinted at imposing new tariffs on the European Union, stating they would come "pretty soon."

Impact on Cryptocurrencies

The immediate impact was stark, with Bitcoin dropping 4.73% to $92,935 and Ethereum plummeting 13.52% to $2,455. Trump also 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.