Bitcoin Surges to $100K as US-Canada Tariffs Postponed

Bitcoin Recovers to $100,000 as Canada and US Agree to Postpone Tariffs

Bitcoin, the world's leading cryptocurrency, has staged a remarkable recovery, surging to $100,000 following the agreement between the United States and Canada to postpone tariffs. This development comes as a relief to the crypto market, which had been grappling with geopolitical tensions and the threat of escalating trade wars.

The agreement between the two nations has eased fears of an impending trade war, leading to a significant rebound in Bitcoin's price. The cryptocurrency had earlier faced downward pressure, but it has since recovered to its previous levels, demonstrating the market's resilience in the face of uncertainty.

The pause on tariffs has not only benefited Bitcoin but also other cryptocurrencies such as Ethereum and Solana. Ethereum, the second-largest cryptocurrency, rebounded to $2,881 after plummeting to $2,135 during Asian trading hours. Solana, another prominent cryptocurrency, demonstrated greater resilience, climbing 13.5% to $216 from its intraday low of $190.

The recovery in the crypto market can be attributed to the growing strength of these cryptocurrencies in sectors such as meme-coin trading and decentralized finance. Trading volume for Solana swelled by 27% on the day, according to GeckoTerminal data, indicating increased investor confidence in the cryptocurrency.

Analysts have noted that strong performers such as Solana and XRP led the recovery, while AI-related tokens, which were among the worst performers yesterday, rebounded. The pause on tariffs for Mexico and now Canada provided an additional bid for Solana, further boosting its price.

The market turmoil kicked off after President Donald Trump threatened tariffs against America's largest trading partners, sparking fears of inflation and tighter monetary policy. The sell-off from geopolitical tensions triggered over $2.2 billion in crypto derivatives liquidations, marking one of the worst in the industry's history.

However, some observers have noted that the figure could be underreported due to API limitations on exchange data. Ethereum's recovery initially lagged but saw a strong bounce moments after Eric Trump posted on X about the cryptocurrency.