Market Uncertainty Grows as Trump Imposes Tariffs

Bitcoin's value dropped sharply, falling below $98,000 this Sunday. This decline comes in the wake of President Donald Trump's announcement to impose tariffs on Mexico, Canada, and China, with the European Union potentially next in line. The decision has sparked a wave of uncertainty across global markets, affecting not just traditional currencies but also cryptocurrencies.

Retaliatory Measures and Market Reactions

In response to the tariffs, China, Canada, and Mexico have announced their own retaliatory measures. Canada, for instance, has proposed 25% tariffs on $155 billion worth of American goods. The European Union has also voiced its criticism, warning of firm retaliation if European exports are targeted. This escalating trade war has led to increased volatility in the cryptocurrency market, with Bitcoin and Ethereum both experiencing significant drops.

Cryptocurrency Market Impact

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 $3,003. These movements underscore the sensitivity of cryptocurrency markets to global economic tensions and policy changes.