Hassan Maishera
TL;DR
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President Trump has paused proposed tariffs on Mexico and Canada, resulting in BTC reclaiming the $100k level.
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The broader crypto market added nearly $200 billion to its market cap as altcoins rallied higher.
Trump Pauses Tariffs on Canada and Mexico, BTC Touches $100k
The cryptocurrency market was a sea of red over the weekend after President Donald Trump announced tariffs on Canadian and Mexican products. Canada’s Justin Trudeau also imposed tariffs on some United States products.
The move saw Bitcoin lose over 6% of its value over the weekend, dropping below the $93k level. However, Bitcoin has now reclaimed $100k after adding nearly 6% to its value on Monday.
The positive performance in the last 24 hours comes as Trump announced that the United States has paused its tariff plans on Mexico and Canada. In a post on Truth Social, Trump said,
"I just spoke with President Claudia Sheinbaum of Mexico/ It was a very friendly conversation wherein she agreed to immediately supply 10,000 Mexican Soldiers on the Border separating Mexico and the United States. These soldiers will be specifically designated to stop the flow of fentanyl, and illegal migrants into our Country."
Bitcoin rallied to $101k but has slightly retraced and now trades at $99,418 per coin. Ether, the second-largest cryptocurrency by market cap, is up 8% in the last 24 hours, hitting the $2,700 mark.
Ripple’s XRP is the best performer among the top 10 cryptocurrencies by market cap, up 11%. The rally allowed it to reclaim its third position in the market as it now trades at $2.57 per coin.
The cryptocurrency market cap has reached $3.25 trillion thanks to the ongoing rally.
