Trump’s 25% Tariffs on Mexico and Canada Set to Take Effect
Recent developments regarding U.S. tariffs have impacted the cryptocurrency market:
- President Trump announced a 25% tariff on Mexico and Canada starting February 1, leading to a decline in bitcoin's price from over $106,000 to around $104,000.
- A report suggested a delay of the tariffs until March 1, but the White House refuted this, confirming the tariffs will take effect as scheduled.
- Following the confirmation, bitcoin's price dropped below $103,000, down 2.3% in 24 hours.
- The broader CoinDesk 20 Index fell by 1.3%, while ether saw a slight increase of 1.2%.
- U.S. stocks remain modestly higher, despite losing gains from earlier in the session.