Market Shaken by Trump's Tariff Announcements

In a dramatic turn of events late Sunday, the cryptocurrency market experienced significant volatility. This was largely due to President Donald Trump's firm stance on implementing tariffs, which has caused widespread market uncertainty. Following his decision to impose tariffs on Canada, Mexico, and China, the market's instability was further exacerbated by his announcement of potential new tariffs on the European Union.

Impact on Bitcoin and Ethereum

By 9:06 pm ET, Bitcoin had seen a decrease of 4.73%, trading at $92,935. Simultaneously, Ethereum experienced a sharp decline of 13.52%, with its value dropping to $2,455. These significant drops highlight the sensitivity of the cryptocurrency market to global economic policies and announcements.

Future Implications

While President Trump did not specify a timeline for the new tariffs on the European Union, he mentioned that they would come "pretty soon." He also warned that tariffs against Canada and Mexico could escalate if the trade deficit and the issue of fentanyl entering the US were not addressed. The cryptocurrency market remains on edge, awaiting further developments that could impact its stability.