President Donald Trump
The crypto market recently saw a repeat of past trends when hopes for a tariff delay were dashed. A report suggesting the delay was quickly dismissed by the White House, leading to a sharp shift in market sentiment.
On Thursday, President Trump announced that 25% tariffs on Mexico and Canada would take effect on February 1. This news initially pushed Bitcoin above $106,000, but the cryptocurrency soon dropped 2%, settling around $104,000. U.S. stock markets also pulled back, though they still ended the day with gains.
“The President will be implementing tomorrow 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China for the illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans,” White House spokesperson Karoline Leavitt said during a White House press briefing.
Is It True… or Not?
On Friday, Reuters reported that the tariffs might be delayed until March 1, allowing countries to request exemptions for specific exports. However, the White House quickly rejected the claim, with Leavitt confirming that the tariffs, including a 10% levy on China, would go into effect the following day.
Trump’s tariffs could disrupt $1.6 trillion in North American trade, threatening to end the free trade system that has connected the U.S., Mexico, and Canada for over 30 years. The possibility of retaliation from both Mexico and Canada adds to the uncertainty surrounding these moves.
Bitcoin’s price had risen above $106,000, seemingly on track to break through the $109,000 mark.
However, following the tariff announcement, prices dropped sharply, with Bitcoin trading just under $103,000—down 2.3% in the last 24 hours. The cryptocurrency market remains highly sensitive to geopolitical and economic shifts, especially when it comes to major trade decisions.
The next few weeks could hold even more surprises, as these tariffs threaten to rewrite trade rules and spark market reactions that we’ll all feel.
The BTC price may range between $102,000 and $108,000 for today.
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