Market Uncertainty Grips Bitcoin as Trade War Intensifies

In a dramatic turn of events, Bitcoin's value plummeted below the $98,000 mark this Sunday. This downturn comes in the wake of President Donald Trump's aggressive stance on international trade, imposing tariffs on key trading partners including Mexico, Canada, and China. The specter of a full-blown trade war looms large, with the European Union also in the crosshairs.

Retaliatory Measures Spark Fears of Economic Fallout

In retaliation, China, Canada, and Mexico have announced countermeasures, with Canada proposing a hefty 25% tariff on $155 billion worth of American goods. The European Union has not remained silent, issuing stern warnings of firm retaliation should Trump target European exports. This escalating trade conflict has injected a significant dose of uncertainty into global markets, with cryptocurrencies bearing the brunt of the fallout.

Cryptocurrency Market Reacts

At precisely 12:26 pm ET, Bitcoin witnessed a 3.05% drop, trading at $97,512. Ethereum followed suit, experiencing a 3.60% decline to $3,003 just a minute later. The cryptocurrency market's reaction underscores the fragility of digital currencies in the face of geopolitical tensions and economic policies.