The trade war, which #US President #DonaldTrump officially started with a 25% tax, has caused new tensions in the global economy and has also led to a sharp decline in cryptocurrencies.
U.S. President Donald Trump's decision to officially start trade wars by imposing a 25% tax on imported goods from Canada and Mexico and a 10% tax on imported goods from China has also highlighted the cryptocurrency market.
This decision has created new tensions in the global economy and raised concerns about high inflation. While the customs tax will take effect on Tuesday, the announcement by Canadian Prime Minister Justin Trudeau is eagerly awaited. According to changes made just a few minutes ago, Trudeau will make a statement in response to Trump's initiation of the trade war at 23:00 UTC.
Before this press statement, Trudeau will meet with his staff to discuss plans to rebut Trump. These developments are interpreted in Canadian media as “an attack on a long-time ally that could drag the economy into a wave.”
Bitcoin, which found buyers at $106,000 on Friday, has dropped to $101,000 today, while altcoins are experiencing a deeper decline. According to market data, Ether, the second-largest cryptocurrency, lost 5% of its value today.
Many altcoins have recorded double-digit declines. THORChain (RUNE), which has been worried about a new Terra Luna case in recent weeks, has dropped over 40% today, while Donald Trump's official meme coin, TRUMP, has fallen nearly 20% in just a few hours.
On the other hand, how the stock market opens on Monday will also be important for cryptocurrency prices. The S&P 500 and Nasdaq 100 indices closed the week with a decline following the customs tax announcement made by the White House on Friday.
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