Market Uncertainty Spurs Bitcoin Decline

As the trade war initiated by US President Donald Trump intensifies, Bitcoin experienced a significant drop, falling below the $98,000 mark. This decline comes as Trump imposed tariffs on several major economies, including Mexico, Canada, and China, with the European Union potentially being the next target.

Retaliatory Measures Announced

In response to the tariffs, China, Canada, and Mexico have announced their own retaliatory measures. Notably, Canada has proposed imposing 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 by Trump's policies.

Impact on Cryptocurrency Market

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. This market movement highlights the growing uncertainty and the potential impact of trade tensions on the cryptocurrency market.