Bitcoin Surges to $98K as Trump Halts Canada, Mexico Tariffs

Bitcoin (BTC) back to $98,000 as Trump pauses Canada and Mexico tariffs

Bitcoin (BTC) has rebounded to $98,000 after a brief dip following President Donald Trump's decision to pause tariffs on Canada and Mexico. The temporary reprieve from the proposed tariffs has boosted market sentiment, leading to a recovery in BTC's price.

Trump's announcement of a 25% tariff on goods from Canada and Mexico, as well as a 10% tariff on Chinese products, initially sparked concerns about increased production costs, disrupted supply chains, and potential retaliatory measures from affected countries. However, the subsequent pause on tariffs for Canada and Mexico has alleviated some of these concerns, contributing to the rebound in BTC's price.

Analysts have attributed the recent volatility in the crypto market to the uncertainty surrounding the US-China trade war and the potential impact of tariffs on global economic stability. Despite the recent rebound, BTC's price remains sensitive to developments in the trade conflict and broader macroeconomic factors.

In addition to BTC, other major cryptocurrencies, such as Ethereum (ETH) and XRP, have also experienced price fluctuations in response to the ongoing trade tensions. Altcoins, such as Solana (SOL) and Cardano (ADA), have shown resilience, managing to hold onto gains despite the market volatility.

As the US-China trade war continues to unfold, investors are closely monitoring developments and adjusting their portfolios accordingly. The crypto market remains sensitive to geopolitical events and macroeconomic factors, with BTC's price serving as a barometer for investor sentiment and risk appetite.