Market Turbulence Following Trump's Tariff Announcements

The cryptocurrency market experienced significant volatility late Sunday, as Bitcoin and Ethereum prices plummeted. This downturn was largely influenced by President Donald Trump's assertive tariff policies, which have introduced a wave of uncertainty across global markets.

Impact of US Tariffs on Cryptocurrency

Trump's decision to impose tariffs on Canada, Mexico, and China has already rattled investors. The situation escalated when he hinted at potential tariffs on the European Union, stating they would be implemented "pretty soon." Additionally, Trump warned that tariffs against Canada and Mexico could intensify if trade deficits and issues related to fentanyl smuggling are not addressed.

Price Movements

At 9:06 pm ET, Bitcoin was down 4.73%, trading at $92,935, while Ethereum saw a sharper decline of 13.52%, with its price falling to $2,455.