Trade Tensions Trigger Cryptocurrency Market Downfall

In a dramatic turn of events, the cryptocurrency market faced significant losses late Sunday, with Bitcoin and Ethereum leading the downturn. The market's instability was further exacerbated by United States President Donald Trump's firm stance on implementing tariffs, which has sent ripples across global markets.

Trump's Tariff Announcement Shakes the Market

Following President Trump's decision to impose tariffs on Canada, Mexico, and China, the market uncertainty deepened. The situation worsened when Trump hinted at new tariffs on the European Union, stating they would come "pretty soon." Additionally, he warned that tariffs against Canada and Mexico could escalate if the trade deficit and fentanyl issues are not addressed.

Bitcoin and Ethereum Prices Tumble

By 9:06 pm ET, Bitcoin had dropped by 4.73% to $92,935, while Ethereum saw a more significant decline of 13.52%, falling to $2,455. This downturn highlights the cryptocurrency market's vulnerability to global economic policies and trade tensions.