Market Turbulence Hits Cryptocurrency

As the global markets reel under the impact of US President Donald Trump's decision to impose tariffs on Mexico, Canada, and China, Bitcoin's value has taken a significant hit, dropping below the $98,000 mark on Sunday. This move has sparked a wave of uncertainty and concern among investors worldwide.

Retaliatory Measures Announced

In response to the tariffs, China, Canada, and Mexico have announced their own set of retaliatory measures. Notably, Canada has proposed imposing 25% tariffs on $155 billion worth of American goods, signaling a sharp escalation in trade tensions. The European Union has also voiced its concerns, warning of firm retaliation should Trump target European exports.

Impact on Cryptocurrency Markets

At 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512. Shortly after, Ethereum also saw a decline, dropping 3.60% to sell for $3,003. This downturn reflects the growing apprehension in the cryptocurrency market amidst the unfolding trade war.