After the U.S. decided to temporarily halt tariffs on Mexican exports, Bitcoin recovered some of its earlier losses and rose back around $100,000.
The most recent price of bitcoin was $99,545.16, up more than 1%.
Prior to that, it dropped as low as $91,212.63 in a risk-off move following President Donald Trump’s long-threatened import tariffs against China, Canada, and Mexico over the weekend. On Friday, it traded above $102,000.
MicroStrategy and Coinbase’s shares fell 0.5% and 1%, respectively, off their session lows.
Ben Kurland, the CEO of the cryptocurrency research platform DYOR, stated that Bitcoin’s superior performance compared to the market solidifies its standing as the safest option in the cryptocurrency space.
“Bitcoin is the industry’s reserve asset, as evidenced by the fact that liquidity shifts to it over riskier assets when panic strikes.”
Following Trump’s signing of an order imposing 10% duty on China and 25% tariffs on goods from Canada and Mexico, cryptocurrencies fell throughout the weekend. The total value of U.S.-three trade is approximately $1.6 trillion.
Source (CNBC)
