Synopsis
Bitcoin rebounded to $99,222 after Trump paused tariffs on Canada and Mexico, easing trade war concerns. Major cryptos like Ethereum, Solana, and Dogecoin surged, lifting the market cap to $3.23 trillion. Analysts see resistance at $103,400 and support at $99,000, with trade developments expected to drive future movements. Stablecoins dominate trading volume.
The cryptocurrency market remained highly volatile as Bitcoin experienced another sharp price swing. On Monday, Bitcoin dropped below $92,000 after US President Donald Trump announced plans to impose significant tariffs on imports from Canada, Mexico, and China, triggering panic among investors.
However, Bitcoin rebounded on Tuesday after the US halted planned tariffs on Canada and Mexico, easing global trade war concerns. As of 11:14 am, Bitcoin was trading at $99,222 after hitting a day’s high of $102,514.
“These gains were driven by an easing of the trade war initiated by U.S. President Donald Trump through heavy tariffs. The Mexican president agreed to deploy troops along the U.S.-Mexico border to curb illegal arms and drug trafficking, leading to a one-month delay in tariffs on Mexico,” CoinSwitch Markets Desk said.
Crypto Tracker
TOP COIN SETSDeFi Tracker0.46% BuyCrypto Blue Chip – 5-6.00% BuyWeb3 Tracker-9.05% BuySmart Contract Tracker-9.90% BuyNFT & Metaverse Tracker-18.51% BuyTOP COINS (₹) XRP225 (12.22%)BuyEthereum237,194 (8.43%)BuyBitcoin8,673,276 (6.26%)BuySolana18,002 (6.17%)BuyTether87 (0.39%)BuyAnother factor supporting sentiment was Trump signing an executive order to create a sovereign wealth fund, which could serve as an instrument for the US government to accumulate cryptocurrencies like Bitcoin, CoinSwitch added.
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »Alankar Saxena, Co-founder and CTO of Mudrex, noted that Trump’s decision to pause import tariffs on Canada and Mexico has significantly boosted market sentiment, triggering fresh buying at lower levels. “This pause could signal a broader diplomatic effort to ease trade tensions, creating a favorable environment for further upside,” he said.
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“However, investors should continue monitoring trade developments as these will likely influence market direction in the coming days. Currently, Bitcoin faces immediate resistance at $103,400, while strong support holds at $99,000,” Saxena added.
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Other major crypto tokens saw sharp gains, with XRP rising 13.2%, Ethereum 8%, Solana 5%, Dogecoin 14.6%, Cardano 12%, BNB 4%, Chainlink 11%, Avalanche 9%, and Sui 12%. However, Official Melania Meme and OFFICIAL TRUMP were trading marginally lower.
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The global cryptocurrency market capitalization rose 6.4% over the past 24 hours to approximately $3.23 trillion. Stablecoins now account for 93.61% of the total 24-hour crypto market volume, at $232.35 billion.
Bitcoin’s market cap rose to $1.961 trillion, and its 24-hour volume fell by 12.1% to $83.7 billion.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
