Market Turbulence Hits Cryptocurrency

In a dramatic turn of events, Bitcoin's value plummeted below the $98,000 mark this Sunday. This decline comes in the wake of growing market uncertainties spurred by US President Donald Trump's contentious decision to impose tariffs on key trading partners including Mexico, Canada, and China. The European Union is also on the radar, potentially facing similar trade barriers.

Retaliatory Measures Announced

In a swift response to the US tariffs, China, Canada, and Mexico have announced their own set of retaliatory measures. Notably, Canada proposed imposing a 25% tariff on $155 billion worth of American goods, signaling a significant escalation in trade tensions. The European Union has also voiced its discontent, warning of firm retaliation should Trump target European exports, further complicating the global trade landscape.

Impact on Cryptocurrency Markets

The ripple effects of these developments were immediately felt in the cryptocurrency markets. At 12:26 pm ET, Bitcoin experienced a 3.05% drop, trading at $97,512. Shortly thereafter, Ethereum followed suit, sliding 3.60% to a selling price of $3,003. These movements underscore the sensitivity of cryptocurrency markets to global economic and political shifts.