Market Uncertainty Grows as Trump Imposes Tariffs

Bitcoin experienced a significant drop, falling below $98,000 this Sunday. This decline comes in the wake of US President Donald Trump's decision to impose tariffs on Mexico, Canada, and China, with potential targets including the European Union next. The move has sparked widespread market uncertainty, affecting various sectors including the cryptocurrency market.

Global Retaliation and Market Reactions

In response to Trump's tariffs, China, Canada, and Mexico have announced retaliatory measures. Notably, Canada has proposed 25% tariffs on $155 billion worth of American goods. The European Union has also voiced strong criticism, warning of firm retaliation if European exports are targeted. These developments have contributed to the volatility in the cryptocurrency market, with Bitcoin and Ethereum both experiencing significant drops.

At 12:26 pm ET, Bitcoin was down 3.05%, trading at $97,512. Shortly after, Ethereum also slid by 3.60%, selling for $3,003.