After the two neighboring countries of the United States agreed to take tougher measures to crack down on border immigration and drug trafficking activities, US President Donald Trump agreed to postpone the 25% tariffs on Canada and Mexico for one month, temporarily avoiding the outbreak of a large-scale trade war. The US stock market closed on Monday (2/3) and escaped the intraday low. Cryptocurrencies have stabilized after the bloodbath in the Asian session yesterday, with Bitcoin rebounding above 101K, and the currency price seems to have returned to the level of yesterday morning.
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ToggleTrump's tariff measures effective, Canada and Mexico tariffs to be extended for one month
According to Bloomberg, Canadian Prime Minister Justin Trudeau announced yesterday that the Canadian government has made some concessions, including appointing a new fentanyl supervisor, listing drug trafficking groups as terrorist organizations, and forming a joint task force with the US to crack down on organized crime, drug trafficking and money laundering. He also signed new "intelligence directives" on organized crime and fentanyl. Trudeau said Canada will continue to implement the C$1.3 billion (US$901 million) plan announced in December to increase border security resources, including helicopters.
Trump, while declaring victory, hinted at difficult negotiations ahead: "I am very pleased with this preliminary result, the tariffs announced on Saturday will be suspended for 30 days to see if a final economic agreement can be reached with Canada."
Previously, Mexican President Claudia Sheinbaum reached an agreement with Trump, with Mexico sending 10,000 National Guard officers to the border to help stop fentanyl and illegal immigration from entering the US.
(Trump pauses Mexico sanctions, postpones tariffs on Mexico for one month, Bitcoin rebounds to 99K)
Cryptocurrencies stabilize after yesterday's bloodbath
Cryptocurrencies have stabilized after the bloodbath in the Asian session yesterday. Yesterday, Bitcoin once fell to 91K, and Ether even reached above 2,100, with a total network liquidation of $2 billion. But Bybit CEO Ben Zhou said in the evening that the actual total liquidation amount in the overall market may be far higher than the $2 billion known to the outside world, and he estimated it should be between $8 billion and $10 billion, as he believes there are differences in data reporting due to API restrictions.
During the cryptocurrency market crash yesterday, Taiwan exchanges saw a premium on the USDT/TWD exchange rate, which once soared above 35. Industry insiders analyzed that this was due to insufficient margin or large-scale buy-the-dips capital inflows, which greatly increased the demand for USDT, leading to a shortage of USDT liquidity and a premium.
As of the editorial deadline, Bitcoin has rebounded above 101K, and Ether is trading at $2,884, and the currency price seems to have returned to the level of yesterday morning.
Risk Warning
Cryptocurrency investment is highly risky, and its price may fluctuate violently, and you may lose your entire principal. Please carefully evaluate the risks.
