Market Uncertainty Rises as Trump Imposes Tariffs

Bitcoin's value took a significant hit, dropping below $98,000 on Sunday. This decline comes in the wake of US President Donald Trump's decision to impose tariffs on Mexico, Canada, and China, with the European Union potentially next in line. The move has sparked widespread market uncertainty, affecting not just traditional markets but also the volatile cryptocurrency sector.

Global Retaliation and Market Reactions

In response to Trump's tariffs, China, Canada, and Mexico have announced 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 global trade tension has investors on edge, contributing to the dip in Bitcoin and Ethereum values.

At 12:26 pm ET, Bitcoin was down 3.05%, trading at $97,512. Shortly after, Ethereum also saw a decrease, sliding 3.60% to $3,003. These fluctuations underscore the sensitivity of cryptocurrency markets to global economic policies and tensions.