Market Turmoil Follows Tariff Announcements

In a dramatic turn of events, Bitcoin's value dipped below the $98,000 mark this Sunday. This downturn comes in the wake of President Donald Trump's aggressive trade policies, which have introduced tariffs on Mexico, Canada, and China, with the European Union potentially next in line.

Global Reactions and Retaliatory Measures

China, Canada, and Mexico have not taken these tariffs lightly, announcing immediate retaliatory measures. Canada, for instance, has proposed imposing 25% tariffs on $155 billion worth of American goods. The European Union has also voiced its concerns, warning of firm retaliation should European exports be targeted by Trump's trade war.

Impact on Cryptocurrency Markets

By 12:26 pm ET, Bitcoin had seen a 3.05% decrease, trading at $97,512. Ethereum wasn't spared either, experiencing a 3.60% drop to $3,003 just a minute later. These fluctuations underscore the growing uncertainty and volatility in the market amidst escalating trade tensions.