Market Turmoil Follows Trump's Tariff Announcement

In a move that sent shockwaves through the cryptocurrency market, President Donald Trump's announcement of new tariffs on Canada, Mexico, and China has led to significant drops in Bitcoin and Ethereum prices. The uncertainty was further compounded by Trump's indication that tariffs on the European Union are imminent, with the President stating they would be implemented "pretty soon."

Impact on Cryptocurrency Prices

By 9:06 pm ET, Bitcoin had fallen by 4.73% to $92,935, while Ethereum experienced a sharp decline of 13.52%, dropping to $2,455. This market reaction underscores the sensitivity of cryptocurrency prices to global economic policies and trade tensions.

Trump's Warning to Canada and Mexico

Adding to the market's unease, Trump warned that tariffs against Canada and Mexico could escalate if the two countries fail to address the trade deficit with the US and curb the flow of fentanyl into the country. This statement has heightened fears of a prolonged trade war, with potential repercussions for global financial markets, including cryptocurrencies.