Cryptocurrencies have started to sharply lose value — Bitcoin has reached a three-week low, while Ethereum has hit its lowest level since early September 2024.
This decline comes in the wake of U.S. President Donald Trump's decision to impose tariffs on goods from three countries, according to Reuters.
As reported by CoinMarketCap at 8:18 AM Kyiv time, Bitcoin dropped by 6.24% to $93.7 thousand. Ethereum fell by 19.71% to $2.5 thousand.
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The American leader signed an order on February 1 to impose tariffs on goods from Canada, China, and Mexico.
The tariffs will be 25% on imports from Mexico and Canada, while goods from China will face a 10% tariff, as stated by White House spokesperson Caroline Levitt. Tariffs on Canadian energy resources will be lower at 10%. Should these countries decide to retaliate, the tariffs will be increased.
In response, Ottawa has decided to impose the same tariffs on $155 billion Canadian dollars ($106.5 billion) worth of goods from the U.S.
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Trudeau urged Canadians to buy local products and vacation in their own country rather than in the United States. China has promised to file a complaint with the World Trade Organization.