Market Uncertainty Grows as Trade Tensions Escalate

In a surprising turn of events, Bitcoin's value dropped below $98,000 this Sunday. This decline comes in the wake of increasing market uncertainty, fueled by US President Donald Trump's recent decision to impose tariffs on Mexico, Canada, and China. There's also speculation that the European Union might be next on the list.

Global Retaliation and Market Reactions

In response to Trump's tariffs, China, Canada, and Mexico have announced retaliatory measures. Notably, Canada has proposed a 25% tariff on $155 billion worth of American goods. The European Union has also expressed its disapproval, warning of firm retaliation if European exports are targeted.

Cryptocurrency Market Takes a Hit

At 12:26 pm ET, Bitcoin's value decreased by 3.05%, trading at $97,512. Shortly after, Ethereum also experienced a decline, dropping 3.60% to $3,003. This downturn reflects the broader impact of global trade tensions on the cryptocurrency market.