Bitcoin fell to $100,000 after Trump imposed duties against Canada, Mexico and China

U.S. President Donald Trump made good on his campaign promise to impose harsh trade duties against Canada, Mexico and China. The decision has already caused a collapse in the crypto market, which was the only one open for trading over the weekend.

Crypto market.

What happened to Bitcoin?”

.

• Trump imposed duties of 25% on imports from Canada and Mexico and 10% on goods from China.
• The formal reason is to combat the illegal importation of drugs, including fentanyl.
• Fund markets are closed, so cryptocurrency was the first to suffer: bitcoin fell 2% and altcoins fell even more.
• The Canadian government is already preparing a response.

How has this affected the cryptocurrency market?

While traditional financial markets are closed for the weekend, traders react to risk through cryptocurrency.

• Bitcoin (BTC) fell to $100,000, losing 2% after yesterday’s high of $106,000.
• Altcoins collapsed harder:
  • Ethereum (ETH), XRP, and Solana (SOL) fell 6-8%.
  • The CoinDesk 20 Index, which reflects the state of the market, sagged 4.8%.

Fees and their implications

The duties take effect on Tuesday, and there are no exceptions for partner countries.

• A White House official said the restrictions will remain in place until those countries stop the flow of fentanyl into the U.S.

.

• Canadian Prime Minister Justin Trudeau has already said he is preparing retaliatory economic sanctions against the US.

«No one – on either side of the border – wants to see U.S. duties on Canadian goods. If the U.S. takes this step, Canada will respond immediately and harshly»,” Trudeau wrote on social media X.

«.

With the already heightened geopolitical situation and nervousness in the marketsbitcoin and other cryptocurrencies could experience even more volatility in the coming days.

Bitcoin and other cryptocurrencies could experience even more volatility  in the coming days.