Bitcoin Sinks Below $100K Amid Tariffs Battle
Bitcoin fell below $100,000 for the first time in six days, after US President Donald Trump signed an executive order imposing import tariffs on goods from Canada, Mexico, and China.
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The three countries have already retaliated against the imposed tariffs, and there is disagreement within the crypto industry regarding how this will impact the larger market. As per a Feb. According to one White House statement,
“Trump is enacting an additional 25% tariff on imports from Canada and Mexico and an additional 10% tariff on imports from China.”. Canada’s energy resources will be subject to a 10% tariff reduction. “
Tariffs increase inflation, which could result in higher interest rates. Generally, investors gravitate toward more conventional assets like bonds and term deposits rather than riskier ones like crypto assets.
Prime Minister Justin Trudeau of Canada declared in a press conference shortly after Trump’s announcement that he would impose a 25 percent tariff on $106.5 billion worth of US goods.
The World Trade Organization will receive a complaint from China’s Ministry of Commerce amid plans to “take corresponding countermeasures.
Mexican President Claudia Sheinbaum directed the Secretary of Economy to “execute plan B,” which consists of “tariff and non-tariff measures in defense of Mexico’s interests.”.
Bitcoin fell below the psychological $100,000 price mark for the first time since January. 27, dropping down to $99,111. It was trading at $100.2K on Binance at publication.
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