Market Uncertainty Grows as Trade War Escalates

In a dramatic turn of events, Bitcoin's value dipped below $98,000 this Sunday. This decline comes in the wake of increasing 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 ripples through the global economy, with the European Union also potentially in the crosshairs.

Retaliatory Measures Announced

In response to Trump's tariffs, China, Canada, and Mexico have not remained silent. Canada, for instance, has proposed imposing 25% tariffs on $155 billion worth of American goods, signaling a robust retaliation. The European Union has also voiced its concerns, warning of firm retaliation should European exports be targeted by Trump's trade policies.

Impact on Cryptocurrency

The cryptocurrency market felt the immediate impact of these developments. 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. These fluctuations highlight the sensitivity of digital currencies to global economic tensions and policy changes.