Crypto markets rebound as Trump puts Canada, Mexico tariffs on hold

Bitget Academy2025/02/04 06:01

By:Bitget Academy

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

Both Canada and Mexico have agreed to implement policies to stop the flow of illegal drugs and immigration into the US after a phone call with US President Donald Trump. Crypto markets sharply rebounded after US President Donald Trump agreed to put a temporary hold on proposed tariffs aimed at Canada and Mexico as negotiations with the countries continue.

In a Feb. 3 statement on X, Canadian Prime minster Justin Trudeau said that after a phone call with Trump, the 25% tariffs would be paused for at least 30 days and the two countries would work together. Trudeau says Canada would be enhancing “coordination with our American partners” by implementing a $1.3 billion border plan, including appointing a Fentanyl czar, listing cartels as terrorists and reinforcing the US-Canada border with helicopters and more personnel.

Mexico’s tariffs have also been paused for a month. Mexico President Claudia Sheinbaum said in a Feb. 3 statement to X that the two leaders had “reached a series of agreements,” with a similar promise of reinforcing the land border shared between the two countries. “Our teams will begin working today on two fronts: security and trade. They are pausing tariffs for one month from now,” Sheinbaum said.

In a Feb. 3 interview with Bloomberg TV, Trump said the US and Mexico have not “agreed on tariffs yet” and they could still go into effect. The Feb. 1 executive order imposing the tariffs on Mexico and Canada also slapped China with a 10% tariff, which hasn’t yet been paused. A Feb. 3 Wall Street Journal report says the country’s government is prepared to negotiate. Citing sources, the Journal says China’s initial proposal involves restoring the Phase 1 trade deal signed in 2020 during Trump’s first term that requires Beijing to increase purchases of US exports by $200 billion over two years.

Bettors on crypto-based prediction platform Polymarket have odds of 24% that Trump will completely remove the tariff on Mexico before March and give a 22% chance for Canada to have its tariffs removed. China on the other hand, has been listed as only having a 9% chance of having its tariffs removed next month.

Source: CoinTelegraph

Futures Market Updates

Geopolitical reasons were the reasons for less activities across markets.

Bitcoin Futures Updates

Total BTC Open Interest: $61.61B (+2.63%)

BTC Volume (24H): $123.36B (-20.57%)

BTC Liquidations (24H): $83.86M (Long)/$72.23M (Short)

Long/Short Ratio: 50.11%/49.89%

Funding Rate: 0.0081%

Ether Futures Updates

Total ETH Open Interest: $23.89B (+1.98%)

ETH Volume (24H): $89.19B (-31.52%)

ETH Liquidations (24H): $56.77M (Long)/$56.97M (Short)

Long/Short Ratio: 49.68%/50.32%

Funding Rate: 0.0014%

Top 3 OI Surges

VIDT: $9.07M (+99.28%)

GRIFFAIN: $56.65M (+98.75%)

VVV: $34.92M (+90.12%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

Crypto markets rebound as Trump puts Canada, Mexico tariffs on hold

Futures Market Updates

Bitcoin Futures Updates

Ether Futures Updates

Top 3 OI Surges

You may also like

Trending news

Crypto prices