Market Turmoil as Trump Imposes Tariffs

In a surprising turn of events, Bitcoin dropped below the $98,000 mark this Sunday. The decline comes in the wake of President Donald Trump's decision to impose tariffs on several key trading partners, including Mexico, Canada, and China. This bold move has sparked a wave of uncertainty across global markets, affecting not just traditional currencies but also the volatile cryptocurrency sector.

Retaliatory Measures and Global Response

In response to Trump's tariffs, China, Canada, and Mexico have announced their own set of retaliatory measures. Canada, for instance, has proposed a 25% tariff on $155 billion worth of American goods. The European Union has also voiced its concerns, warning of firm retaliation should European exports be targeted. This escalating trade war has left investors and market analysts on edge, closely monitoring the potential impacts on global trade and economic stability.

Cryptocurrency Market Reaction

At 12:26 pm ET, Bitcoin was observed to be down by 3.05%, trading at $97,512. Shortly after, Ethereum also experienced a significant drop, decreasing by 3.60% to $3,003. These fluctuations highlight the sensitivity of the cryptocurrency market to global economic tensions and policy changes, underscoring the interconnectedness of traditional and digital financial systems.