Market Turbulence Following Trump's Tariff Announcements

In a dramatic turn of events late Sunday, the cryptocurrency market experienced significant volatility. This was largely attributed to United States President Donald Trump's firm stance on implementing tariffs. The uncertainty in the market was palpable after Trump's decision to sign an order imposing tariffs on Canada, Mexico, and China. The situation escalated further when Trump hinted at new tariffs on the European Union, stating they would come "pretty soon."

Impact on Cryptocurrencies

As a direct consequence of these developments, Bitcoin saw a 4.73% decrease, dropping to $92,935. Ethereum was hit even harder, with a 13.52% plunge, bringing its value down to $2,455. Trump also warned that tariffs against Canada and Mexico could intensify if the trade deficit issues and the flow of fentanyl into the US are not addressed.