Crypto markets rebound as Trump puts Canada, Mexico tariffs on hold
Crypto markets have rebounded sharply after US President Donald Trump decided to put a temporary hold on proposed tariffs targeting Canada and Mexico. In a statement on February 3, Canadian Prime Minister Justin Trudeau confirmed that the tariffs would be paused for at least 30 days while the two countries collaborate on issues like drug trafficking and immigration. Trudeau also mentioned plans to enhance coordination with the US, which includes appointing a Fentanyl Czar and improving border security with additional resources. Similarly, Mexican President Claudia Sheinbaum announced that tariffs would be paused for one month to allow for security and trade discussions. This decision comes after a significant drop in cryptocurrency prices on February 3, when Trump announced potential tariffs on goods from China, Mexico, and Canada, resulting in approximately $10 billion in capital being liquidated from the market. Following the announcements from the leaders, Bitcoin's value rose to $101,731, surpassing the $100,000 mark, while Ether climbed to $2,880 after a recent low of $2,451.
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