After the United States decided to temporarily halt tariffs on Mexican imports, Bitcoin recovered some of its previous losses and reached $100,000 as the risk move improved.
The price of bitcoin was last up more than 3% at $101,241.37.
It had previously dropped as low as $91,212.63 in a risk-off move following President Donald Trump’s long-threatened import penalties against China, Canada, and Mexico over the weekend. On Friday, it was trading above $102,000.
Coinbase’s stock fell 2%, whereas MicroStrategy’s rose 3%.
“The fact that Bitcoin is outperforming the market solidifies its status as the safest cryptocurrency investment,” stated Ben Kurland, CEO of the crypto research site DYOR.
“The fact that bitcoin is the industry’s reserve asset is demonstrated once more when panic strikes and liquidity shifts to it over riskier assets.”
A government-run sovereign wealth fund that would be used as a vehicle for economic development was also outlined in an executive order issued by Trump on Monday.
Bitcoin fans are speculating that the fund might retain the government’s seized cryptocurrency holdings, despite the decree making no mention of it.
Source (CNBC)
