Bitcoin (BTC) initially struggled this week, dropping below $98,000, but managed to recover and reached over $106,000, approaching its record high of $109,000. However, the rally came to an abrupt halt on Thursday evening after President Trump reaffirmed his plans to impose a 25% tariff on Mexico and Canada, starting February 1. His decision, driven by concerns over immigration, drugs, and subsidies, sent shockwaves through risk markets. As a result, stocks lost some of their earlier gains, and bitcoin dropped back to $104,800.
Bitcoin’s Surge to New Heights Stopped Short as Trump’s Tariff Warning Weighs on Risk Assets.
