Market Turmoil as Bitcoin Dips Below $98,000

In a startling turn of events, Bitcoin's value dropped below $98,000 this Sunday. This decline comes in the wake of heightened market uncertainty, spurred by US President Donald Trump's aggressive trade policies. Trump's recent decision to impose tariffs on Mexico, Canada, and China has sent shockwaves through the global economy, with the European Union also potentially in the line of fire.

Global Retaliation and Market Reactions

In response to Trump's tariffs, China, Canada, and Mexico have announced 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 actions, warning of firm retaliation if European exports are targeted. This escalating trade war has not only affected traditional markets but has also had a significant impact on the cryptocurrency market.

Cryptocurrency Market Takes a Hit

At 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512. Shortly after, Ethereum also experienced a downturn, sliding 3.60% to sell for $3,003. This downturn in the cryptocurrency market reflects the growing concerns over the global economic stability and the potential long-term impacts of Trump's trade war.