Market Turbulence Hits Cryptocurrencies

In a surprising turn of events, Bitcoin and other major cryptocurrencies experienced significant losses on Sunday, with Bitcoin momentarily falling below the $80,000 mark for the first time since mid-March. This downturn reflects the broader market's nervous reaction to escalating global trade tensions.

Trade War Fears Intensify

The catalyst for this market movement appears to be President Donald Trump's announcement of retaliatory tariffs against numerous countries. China was quick to respond with its own set of tariffs, and other nations are expected to follow suit, further fueling fears of a full-blown trade war.

Cryptocurrency Prices Plummet

By early afternoon ET, Bitcoin had decreased by 4.70% to $79,572.675, while Ethereum saw an even steeper decline of 8.77%, dropping to $1,646.82. Investors are closely watching these developments, as the crypto market's volatility seems to mirror the uncertainty in traditional markets.