Global Market Uncertainty Spurs Bitcoin and Ethereum Decline

In a dramatic turn of events, Bitcoin's value plummeted below the $98,000 mark this Sunday, as global markets reeled from the impact of US President Donald Trump's aggressive trade policies. The decision to impose hefty tariffs on key trading partners, including Mexico, Canada, and China, has sent shockwaves through the financial world, with the European Union also voicing concerns over potential future tariffs.

Retaliatory Measures and Market Reaction

In a swift response to Trump's tariffs, China, Canada, and Mexico have announced their own set of retaliatory measures. Notably, Canada has proposed imposing a 25% tariff on $155 billion worth of American goods, signaling a significant escalation in trade tensions. The European Union has not remained silent either, issuing a stern warning of firm retaliation should Trump target European exports.

This escalating trade war has had a palpable effect on the cryptocurrency market. By 12:26 pm ET, Bitcoin had fallen by 3.05%, trading at $97,512, with Ethereum also experiencing a 3.60% drop, selling for $3,003 a minute later.