Market Uncertainty Grows as Trump Imposes Tariffs

Bitcoin experienced a significant drop, falling below $98,000 on Sunday. This downturn comes as market uncertainty intensifies following US President Donald Trump's decision to impose tariffs on Mexico, Canada, and China. The European Union is also potentially next on the list, raising concerns among investors worldwide.

Global Retaliation and Economic Tensions

In response to Trump's tariffs, China, Canada, and Mexico have announced retaliatory measures. Canada, for instance, is proposing 25% tariffs on $155 billion worth of American goods. The European Union has criticized Trump's move, warning of firm retaliation if European exports are targeted, further escalating global economic tensions.

Impact on Cryptocurrency Markets

At 12:26 pm ET, Bitcoin was down 3.05%, trading at $97,512. Shortly after, Ethereum also saw a decline, dropping 3.60% to sell for $3,003. These movements highlight the volatile nature of cryptocurrency markets in the face of global economic uncertainties.