The cryptocurrency market is experiencing a déjà vu effect. The White House denied reports that US President Donald Trump’s 25% tariffs on Mexico and Canada would be postponed.
On Thursday, Trump announced that new tariffs would come into effect as of February 1. Bitcoin, which had reached $106,000 before this announcement, quickly fell to $104,000, losing 2 percent of its value. Although U.S. stock markets gave back some of their gains, they managed to close the day in positive territory.
On Friday, Reuters reported that the tariffs would be delayed until March 1 and that some countries could seek exemptions. However, White House spokeswoman Karoline Leavitt denied these claims, saying that all tariffs, including the 10% China tariff, would go into effect on February 1.
Following the news, Bitcoin reacted sharply once again. BTC, which rose above $ 106,000 during the day, was heading towards a historical peak of $ 109,000. However, with the tariff news, it experienced a rapid decline and fell to $ 103,000. The loss in value in the last 24 hours was 2.3 percent.
The broader CoinDesk 20 Index fell 1.3 percent, while Ethereum (ETH) rose 1.2 percent, somewhat offsetting the decline in the crypto market.
Looking at traditional markets, US stock markets are still in positive territory, but have moved away from their session highs.
Stay tuned for new developments
