Bitcoin's price has plummeted to new year-to-date lows due to the escalating tension between the US and other nations over trade tariffs. The introduction of fresh tariffs by President Trump last week triggered a wave of risk aversion across global markets, leading to a sharp decline in Bitcoin prices.
The crypto market is highly sensitive to changes in economic policies and geopolitical events, and the current situation has sent shockwaves through the entire financial system. As a result, investors are becoming increasingly cautious, causing the price of Bitcoin to plummet.