Market Turbulence Following Trump's Tariff Decision

In a surprising turn of events, President Donald Trump's announcement of new tariffs has sent shockwaves through the cryptocurrency market. Bitcoin and Ethereum experienced significant drops, with Bitcoin falling below $93,000 and Ethereum plummeting by 13%.

Details of the Tariff Announcement

Trump's decision to impose tariffs on Canada, Mexico, and China has already created a sense of market uncertainty. The situation escalated when he hinted at imposing additional tariffs on the European Union, stating that these measures would come "pretty soon." He also suggested that tariffs against Canada and Mexico could intensify if trade deficit issues and the flow of fentanyl into the US are not addressed.

Impact on Cryptocurrency

By 9:06 pm ET, the cryptocurrency market felt the impact of these announcements. Bitcoin's value decreased by 4.73%, trading at $92,935, while Ethereum's value saw a sharp decline of 13.52%, trading at $2,455. This sudden downturn highlights the volatile nature of cryptocurrencies in response to global economic policies and announcements.