Bitcoin's Sudden Drop Below $98,000

This Sunday, Bitcoin experienced a significant drop, falling below the $98,000 mark. This downturn is largely attributed to the growing market uncertainty following President Donald Trump's recent decision to impose tariffs on several countries, including Mexico, Canada, and China. The European Union is also on the potential list, raising concerns over a global trade war.

Retaliatory Measures from Affected Countries

In response to the tariffs, China, Canada, and Mexico have announced their own set of retaliatory measures. Notably, Canada has proposed imposing 25% tariffs on $155 billion worth of American goods, signaling a sharp escalation in trade tensions. The European Union has also voiced strong criticism against Trump's move, warning of firm retaliation should European exports become targeted.

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 3.60% to $3,003. These fluctuations highlight the volatile nature of the cryptocurrency market in response to global economic uncertainties.