Bitcoin’s value has recently experienced a significant downturn, plummeting from its peak at $106,800 USD following tensions in the global trade market. This drop is directly linked to recent tariff hikes initiated by the United States, causing ripples throughout the cryptocurrency world. 104,179 USD marks the current price point of Bitcoin as a result of this volatility. Notably, a recent update from Mexico triggered further decline, leading prices down to $103,000 USD and impacting other altcoin markets. The catalyst for this fall was the U.S.’s decision to increase tariffs on steel and aluminum significantly. Mexico, in response, hinted at potential countermeasures, which directly impacted Bitcoin price. Despite a statement by Mexican President Sheinbaum that these measures would only be implemented if an agreement is unsuccessful and won’t be retaliatory, the market remains cautious due to the potential for further escalation of trade tensions.