Market Turbulence Hits Cryptocurrencies

In a dramatic turn of events late Sunday, the cryptocurrency market experienced significant volatility. This was largely due to United States President Donald Trump's firm stance on tariffs, which has sent shockwaves through global markets. The uncertainty was already palpable following Trump's decision to impose tariffs on Canada, Mexico, and China. However, the situation escalated when he hinted at new tariffs against the European Union, stating they would come "pretty soon."

Impact on Bitcoin and Ethereum

At 9:06 pm ET, Bitcoin's value dropped by 4.73%, trading at $92,935. Ethereum, on the other hand, saw a more drastic decline of 13.52%, with its value plummeting to $2,455. These movements underscore the sensitivity of the cryptocurrency market to global economic policies and uncertainties.

Trump's Warning to Canada and Mexico

Adding to the market's unease, Trump warned that tariffs against Canada and Mexico could intensify if these countries fail to address the trade deficit with the US and curb the flow of fentanyl into the country. This statement has further fueled concerns over a prolonged trade war, with potential repercussions for global markets and cryptocurrencies alike.