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Deja Vu in Crypto: Tariff Delays Refuted by White House
Initial Rally and Reversal
It’s deja vu all over again in the crypto market. A hopeful report on a tariff delay was refuted by the White House, sending prices tumbling once again. To review, President Trump on Thursday promised to impose 25% tariffs on Mexico and Canada beginning Saturday, February 1. The news caused a 2% drop in bitcoin (BTC) prices, with the cryptocurrency trading around the $104,000 level. U.S. stocks gave up some of their earlier gains, but still finished the session in the green.
False Report on Tariff Delay
A report from Reuters on Friday suggested that the tariffs would be delayed until March 1, with a process put in place to allow countries to seek exemptions for certain exports. However, the White House quickly refuted this report, with Press Secretary Karoline Leavitt stating that the tariffs, including a 10% levy on China, will go into effect on February 1.
Crypto’s Reaction
Similar to Thursday, bitcoin prices earlier had climbed above $106,000 and seemed set on a challenge of a new record above $109,000. However, the tariff news once again sent prices careening lower, with bitcoin trading just below $103,000 at press time, down 2.3% over the past 24 hours.
Broader Market Impact
The broader CoinDesk 20 Index was off 1.3% over the same time frame, outperforming due to ether’s (ETH) 1.2% advance. A check of traditional markets finds U.S. stocks still modestly higher, but well off their best levels of the session.
Conclusion
The crypto market’s volatility continues to be driven by global economic events, with the latest tariff news being a prime example. As the market navigates this uncertainty, investors would do well to stay informed and adapt their strategies accordingly.
FAQs
Q: What is the current state of the crypto market?
A: The crypto market is currently experiencing volatility, with prices fluctuating based on global economic events.
Q: What is the impact of the tariff news on the crypto market?
A: The tariff news has sent crypto prices tumbling, with bitcoin trading just below $103,000 at press time, down 2.3% over the past 24 hours.
Q: What is the broader market impact of the tariff news?
A: The broader CoinDesk 20 Index was off 1.3% over the same time frame, outperforming due to ether’s 1.2% advance.
Q: What is the current state of traditional markets?
A: Traditional markets are still modestly higher, but well off their best levels of the session.
