Bitcoin, the leading cryptocurrency, has been trading below $100,000 for three consecutive days. This decline coincides with Canada’s announcement of retaliatory tariffs against the United States. Prime Minister Justin Trudeau revealed plans to impose a 25% tariff on various U.S. goods in response to President Donald Trump’s 25% tariff on Canadian and Mexican imports and a 10% tariff on Chinese goods. China has also threatened unspecified countermeasures and plans to file a case against the U.S. at the World Trade Organization. The escalating trade war, combined with mass deportations of illegal migrants from the U.S., is expected to fuel inflation, potentially delaying Federal Reserve rate cuts. The broader crypto market has mirrored Bitcoin’s decline, with the CoinDesk 20 Index dropping over 2%.
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