Market Turmoil as Trade Tensions Rise

In a dramatic turn of events, Bitcoin's value has dipped below $98,000. This significant drop comes in the wake of President Donald Trump's aggressive stance on international trade, imposing tariffs on major trading partners including Mexico, Canada, and China. The European Union is also bracing for potential tariffs, signaling a widening trade war that has global markets on edge.

Retaliatory Measures Spark Further Uncertainty

In response to the US 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. The European Union has also voiced strong criticism against Trump's trade policies, warning of firm retaliation should European exports be targeted.

Cryptocurrency Market Reacts

By 12:26 pm ET, Bitcoin had fallen by 3.05%, trading at $97,512. Ethereum also experienced a downturn, sliding 3.60% to $3,003. The cryptocurrency market's reaction underscores the widespread uncertainty and nervousness among investors as the trade war escalates.