Market Turbulence Follows Trump's Tariff Announcements

In a dramatic turn of events late Sunday, President Donald Trump's aggressive stance on tariffs sent shockwaves through the cryptocurrency market. The uncertainty was palpable after Trump's decision to impose tariffs on Canada, Mexico, and China, and escalated further when he hinted at new tariffs against the European Union, stating they would be implemented "pretty soon."

Impact on Cryptocurrencies

By 9:06 pm ET, the cryptocurrency market felt the brunt of these announcements. Bitcoin's value decreased by 4.73%, falling to $92,935, while Ethereum experienced a significant drop of 13.52%, with its value plummeting to $2,455.

Trump's Warning to Canada and Mexico

Trump also issued a stern warning to Canada and Mexico, suggesting that the tariffs could become "much worse" if the two countries do not address the trade deficit with the US and curb the flow of fentanyl into the country.