Crypto markets rebound as Trump puts Canada, Mexico tarriffs on hold

Crypto markets sharply rebounded after US President Donald Trump agreed to put a temporary hold on proposed tariffs aimed at Canada and Mexico as negotiations with the countries continue.

In a Feb. 3 statement on X, Canadian Prime Minister Justin Trudeau said that he had a phone call with Trump and the tariffs would be paused for at least 30 days while the two countries worked together. 

Trudeau says Canada would be enhancing “coordination with our American partners, implement its $1.3 billion border plan which includes reinforcing appoint a Fentanyl Czar,  listing cartels as terrorists and reinforcing the US Canada border with helicopters and more personal. 

Mexico’s tariffs have also been paused for a month. Mexican President Claudia Sheinbaum said in a Feb. 3 statement on X that the two leaders had  “reached a series of agreements,” with a similar promise of reinforcing the land border shared between the two countries.  

“Our teams will begin working today on two fronts: security and trade. They are pausing tariffs for one month from now,” Sheinbaum said.

Related: Nasdaq futures plunge 2.7% as Trump’s trade war rattles markets

Cryptocurrency prices had plummeted just a day earlier, on Feb. 3, after Trump announced potential tariffs on goods from China, Mexico and Canada. Some estimates suggested up to $10 billion worth of capital was liquidated from the markets. 

Following the string of announcements by world leaders, the crypto market has been steadily climbing. 

Bitcoin (BTC) has increased has crossed over the $100,000 threshold to $101,731, after hitting a low of $92,000 the day before, according to CoinMarketCap. 

Meanwhile, CoinMarketCap shows Ether (ETH) has also rebounded. Ether fell to a nadir of $2,451 but has since climbed back to $2,880.

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