Market Turmoil Following Trump's Tariff Announcements

In a surprising turn of events, the cryptocurrency market experienced significant volatility late Sunday, following President Donald Trump's announcement of new tariffs on Canada, Mexico, and China. The uncertainty was further exacerbated when Trump hinted at imposing tariffs on the European Union, stating they would come "pretty soon." This announcement sent shockwaves through the market, leading to a sharp decline in the value of major cryptocurrencies.

Impact on Bitcoin and Ethereum

By 9:06 pm ET, Bitcoin had dropped by 4.73%, bringing its value down to $92,935. Ethereum faced an even steeper decline, plummeting by 13.52% to $2,455. These dramatic shifts underscore the sensitivity of the cryptocurrency market to geopolitical developments and policy announcements.

Trump's Warning to Canada and Mexico

Trump also issued a stern warning to Canada and Mexico, suggesting that tariffs could become "much worse" if both countries fail to address the trade deficit with the US and curb the flow of fentanyl into the country. This stance has added another layer of uncertainty to an already volatile market, leaving investors and traders on edge.