Market Turbulence Following Trump's Tariff Decision

In a surprising turn of events, Bitcoin's value dropped below $98,000 this Sunday. This decline comes in the wake of President Donald Trump's announcement to impose tariffs on key trading partners, including Mexico, Canada, and China, with the European Union potentially facing similar measures.

Retaliatory Measures and Global Reactions

China, Canada, and Mexico have not taken this lightly, announcing their own set of retaliatory tariffs. Canada, for instance, has proposed imposing a 25% tariff on $155 billion worth of American goods. The European Union has also voiced its concerns, warning of firm retaliation should European exports be targeted by these new tariffs.

Impact on Cryptocurrency Markets

As of 12:26 pm ET, Bitcoin witnessed a 3.05% decrease, trading at $97,512. Ethereum also saw a significant drop, decreasing by 3.60% to $3,003 a minute later. This market instability highlights the interconnectedness of global trade policies and digital currencies.