Bitcoin's price dropped sharply below $100,000 amid new trade tariffs announced by the Trump administration. This occurred as traditional markets were closed, increasing investor uncertainty.
Cryptocurrency Decline Over the Weekend
Bitcoin reached a high of $106,000 in the past 24 hours but quickly declined. This drop occurred as traditional markets remained closed.
Impact of New Tariffs
Trump imposed a 25% tariff on nearly all imports from Mexico and Canada and a 10% tariff on imports from China. These tariffs will take effect this Tuesday and include no exemptions. The administration linked these tariffs to efforts to combat fentanyl smuggling into the United States.
Market Reaction and Other Cryptocurrencies
Ethereum (ETH), XRP, and Solana (SOL) also showed declines, contributing to a broader sell-off in the digital asset sector. Canadian officials expressed their displeasure with the tariffs, with outgoing Prime Minister Justin Trudeau warning of potential countermeasures.
The situation with the new US trade tariffs is causing concern in financial markets, leading to significant drops in bitcoin and other cryptocurrencies. The reaction from stakeholders remains tense.
