Market Uncertainty Rises as Trade War Intensifies

In a dramatic turn of events, Bitcoin's value plummeted below the $98,000 mark this Sunday. This significant drop comes in the wake of increasing market uncertainty, fueled by US President Donald Trump's aggressive decision to impose tariffs on Mexico, Canada, and China. The European Union is also under threat of being next in line for these punitive measures.

Global Retaliation and Market Reaction

In retaliation, China, Canada, and Mexico have announced their own measures against the US. Canada, for instance, has proposed imposing a 25% tariff on $155 billion worth of American goods. The EU has not remained silent either, criticizing Trump's move and warning of firm retaliation should European exports be targeted. This escalating trade war has sent shockwaves through the cryptocurrency market, with Bitcoin and Ethereum both experiencing sharp declines. At 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512, while Ethereum saw a 3.60% drop, selling for $3,003 just a minute later.