Bitcoin Rallies Toward $100K as Mexico and US Suspend Tariffs
The massive volatility caused by the US tariffs against a few countries continues to impact the crypto market, but this time in the opposite direction after a positive development on the US-Mexico front.
Bitcoins price, which had tumbled to under $92,000 earlier today, exploded by several grand in less than an hour to almost $100,000.
A lot can and was said of what transpired in the crypto markets within the past couple of days. BTC stood strong above $102,000 on Saturday evening but started to lose value gradually as US President Trump signed orders to impose a 25% tax on Canadian and Mexican imports and 10% on Chinese.
Canadas Prime Minister retaliated immediately, China said it will seek a more favorable resolution with the World Trade Organization, and Mexico said it will think of its next move.
BTCs price kept plunging, especially on Monday morning when the Asian markets opened and dumped to a three-week low of around $91,300 (on Bitstamp). However, it bounced off and stood primarily around $95,000 for the past few hours before the bulls initiated a massive surge to over $99,000 minutes ago.
This impressive recovery took place as Mexicos president Claudia Sheinbaum said her country had agreed with the US to pause the tariffs for a month.
Additionally, she said Mexico will immediately reinforce its border with the US with 10,000 National Guard soldiers to prevent drug trafficking from Mexico to the United States, particularly fentanyl.
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