What is happening in the market and why did crypto drop and the market turned completely red?
Trump suddenly announced that he intends to impose a 50% tax on all European products and even said that he might impose a 25% tax on iPhones manufactured outside of America.
The news hit the market like a thunderbolt.
Bitcoin dropped from over 111 thousand to below 109, and all global markets declined.
People were scared of a new trade war and moved their money to safe havens like gold.
This shows us how sensitive the market is to any political news, even if crypto is not directly related.