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The crypto market rebounded more than 5% in the last 24 hours after US President Donald Trump agreed to put a temporary hold on proposed 25% import tariffs on Canada and Mexico.
But China hit back with tariffs of 15% on coal and liquefied natural gas, and 10% on crude oil, farm equipment, large displacement vehicles and pickup trucks. It also began an anti-trust investigation into Google. Bitcoin and other major cryptos pared gains after the retaliatory measures were announced.
Canada’s Prime Minister Justin Trudeau said in a Feb.3 post on X that Trump agreed to pause tariffs on his nation for at least 30 days. He added that the US and Canada would work together and implement a $1.3 billion border plan that includes appointing a Fentanyl czar, listing cartels as terrorists and reinforcing the US-Canada border with helicopters and more staff.
BTC Briefly Broke $100K After Trump Paused Tariffs On Canada And Mexico
The news that Trump is putting a pause on the proposed 25% tariffs on Mexico and Canada led to BTC rallying back above $100K in the last 24 hours. CoinMarketCap data shows the leading crypto soared from a low of $93,782 to a high of $102,514.17 yesterday.
— Donald J. Trump (@realDonaldTrump) February 3, 2025
The Bitcoin price has since retraced to trade below the $100K level as of 2:04 a.m. EST, but remains more than 5% up on the daily time frame.
XRP was the top 10 crypto that underwent the biggest price surge after Trump’s decision, with its price soaring over 10%. The rest of the crypto giants followed suit. Ethereum (ETH) pumped 7%, while Solana (SOL), Binance Coin (BNB) and Dogecoin (DOGE) recorded respective price increases of 5%, 2% and 6%.
Cardano (ADA) jumped 8% while Tron (TRX) was only able to post a minor gain.
XCN, AERO And RAY Lead Crypto Market Recovery
The best 24-hour performers were Onyxcoin (XCN), Aerodrome Finance (AERO) and Raydium (RAY), after they all posted gains of more than 13%.
Meanwhile, sales of standout presale tokens MIND of Pepe (MIND), Wall Street Pepe (WEPE) and Solaxy (SOLX) continued to outperform. MIND’s presale is closing on $5 million, while the $68.4 million WEPE ICO is on the verge of selling out. SOLX, the first layer-2 project focused on Solana, has raised $17.7 million.
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