The asset, which had fallen more than 10% to a low of around $91,500 after Trump initially announced a 25% tariff on imports from Mexico, has since surged back.
Key points to note:
Bitcoin is close to hitting the $100,000 mark following a sharp rebound, as easing market fears over President Trump's announcement to pause tariffs on Mexico for one month have helped the asset to quickly recover lost ground.
After Trump initially announced a 25% tariff on imports from Mexico, the asset fell by more than 10% to a low of about $91,500, but it has since rebounded to trade at approximately $99,5K.
The market's initial response to Trump's tariff announcement on Sunday was a significant sell-off across crypto assets, with Bitcoin leading the decline.
However, the situation changed when Trump announced a deal with Mexican President Claudia Sheinbaum to pause the tariffs temporarily.
According to the agreement, Mexico will deploy 10,000 National Guard troops to its northern border to address concerns related to drug trafficking and illegal immigration.
Trump announced on Truth Social that the anticipated tariffs will be paused for one month, during which negotiations will take place.
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