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Cryptocurrency News Articles
Bitcoin (BTC) Price Rallies 10% Against Mexican Peso as 'Trump Trade' Soars; Gold Stays Flat
Nov 06, 2024 at 01:32 pm
Trump has vowed to impose sweeping tariffs on Mexico and other trading partners.
Bitcoin price rose nearly 10% against the Mexican peso on Wednesday as the "Trump trade" gained momentum with the Republican candidate taking a lead over Kamala Harris in the presidential race.
Trump has vowed to impose sweeping tariffs on Mexico and other major trading partners.
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The MXN fell 3% against the USD to 20.7080, reaching the lowest since August 2022. As of writing, the BTC/MXN pair on Binance traded nearly 10% higher at 1.548 million, according to data source TradingView.
The Mexican peso has declined by 27% against the U.S. dollar since March, with most losses largely attributed to concerns that a potential Trump administration would resort to protectionist policies.
Earlier this week, Trump reiterated his plans to impose a 25% tariff on imports from Mexico, one of the U.S.' largest trading partners last year, while warning of a hike to 100% if the country fails to close its border.
"If they don’t stop this onslaught of criminals and drugs coming into our country, I am going to immediately impose a 25 percent tariff on everything they send into the United States of America,” Trump said, according to the Washington Post.
“If that doesn’t work, I’ll make it 50, and if that doesn’t work, I’ll make it 75,” he said. “Then I’ll make it 100."
Trump has also vowed to renegotiate the United States-Mexico-Canada Agreement (USMCA), which is set to be up for review on July 1, 2026. At press time, Associated Press showed Trump leading the electoral map 230 to Kamala Harris' 210.
"Mexican Peso is weakening substantially, even before we know what will eventually happen tonight. An indication that we may see very big moves in the event of a Trump win..," Robin Brooks, a senior fellow at the Brookings Institution, said on Twitter.
Gold flat, DXY soars
Gold prices remained largely unchanged at nearly $2,740 per ounce on Wednesday despite fears that Trump's tariff plan could lead to higher inflation.
However, the precious metal showed limited gains as the dollar index rose to above 105.00 for the first time since July 9. The 10-year Treasury note yield jumped over 20 basis points to 4.46%, denting the appeal of the zero-yielding safe-haven metal.
The uptick in the bond could be attributed to fears that Trump tariffs could complicate the Federal Reserve's plans to cut borrowing costs.
Tariffs are known to create a ripple effect throughout the global economy by increasing the cost of goods, disrupting international trade, and reducing competition, all of which add to inflationary pressures.
That said, both bitcoin and gold are said to be on a long-term bullish trajectory, courtesy of the ballooning U.S. fiscal debt. Gold has surged 32% this year, outshining the S&P 500's 21% gain by a big margin. Bitcoin, often touted as digital gold, has risen 75%.
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
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