Bitcoin rises above $99,000 as US pauses tariffs; XRP, Dogecoin jumps over 13%
cryptocurrency market remained highly volatile as Bitcoin experienced another sharp price swing. On Monday, Bitcoin dropped below $92,000 after US President Donald Trump announced plans to impose significant tariffs on imports from Canada, Mexico, and China, triggering panic among investors.
However, Bitcoin rebounded on Tuesday after the US halted planned tariffs on Canada and Mexico, easing global trade war concerns. As of 11:14 am, Bitcoin was trading at $99,222 after hitting a day's high of $102,514.
«These gains were driven by an easing of the trade war initiated by U.S. President Donald Trump through heavy tariffs. The Mexican president agreed to deploy troops along the U.S.-Mexico border to curb illegal arms and drug trafficking, leading to a one-month delay in tariffs on Mexico,» CoinSwitch Markets Desk said.
Another factor supporting sentiment was Trump signing an executive order to create a sovereign wealth fund, which could serve as an instrument for the US government to accumulate cryptocurrencies like Bitcoin, CoinSwitch added.
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