Market Uncertainty Hits Cryptocurrencies

Following President Donald Trump's announcement to impose tariffs on Canada, Mexico, and China, the cryptocurrency market faced significant volatility. The situation escalated when Trump hinted at potential tariffs on the European Union, causing further market instability.

Impact on Bitcoin and Ethereum

At 9:06 pm ET, Bitcoin experienced a 4.73% drop, trading at $92,935. Ethereum saw a more dramatic decline, plummeting 13.52% to $2,455. This downturn reflects the market's reaction to the increasing trade tensions and the uncertainty surrounding future economic policies.

Trump's Stance on Tariffs

While not specifying a timeline, Trump emphasized that new tariffs on the EU would be implemented "pretty soon." He also warned that tariffs against Canada and Mexico could intensify if trade deficits and the issue of fentanyl entering the US are not addressed.