Bitcoin fell sharply over the weekend as financial markets reacted to President Donald Trump’s sweeping tariffs on major trading partners.
The cryptocurrency fell sharply below $100,000 after reaching a high of $106,000 in the past 24 hours. The decline comes as traditional markets remain closed and crypto assets bear the brunt of investor uncertainty.
Making good on long-standing trade threats, Trump has imposed 25% tariffs on nearly all imports from Mexico and Canada, and 10% on imports from China. The tariffs will go into effect this Tuesday and will be applied without exemptions, a senior White House official told the Wall Street Journal.
“The continued flow of illicit opioids and other drugs has profound consequences on our Nation, endangering lives and placing serious strain on our healthcare system, public services and communities,” Trump said in an Executive Order justifying the duties. The administration has linked the duties to efforts to curb the smuggling of fentanyl into the United States, placing the burden on affected countries to take corrective action before the duties are reconsidered.
Ethereum (ETH) is down around 4%, XRP is down 3%, and Solana (SOL) is down around 6%, contributing to a broader sell-off in the digital asset space.
Canadian officials have signaled their displeasure with the tariffs, with outgoing Prime Minister Justin Trudeau warning of countermeasures.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitcoin-price-drops-below-100000-what-caused-the-sudden-decline/