- The founder of Solana swap platform Titan, Chris Chung said that he believes that the bloodbath after the tariffs was nothing but an overreaction from the market.
- Bloomberg TV interviewed Trump in which he asserted that the United States and Mexico have not agreed on tariffs till now and they could still go into effect.
- At the time of writing, the Crypto Fear and Greed Index witnessed an uptick at 45 showing Neutrality. Before this, it was at 36 showing a fear state.
The 47th President of the United States, Donald Trump has put a temporary hold on the recently issued tariffs on Canada and Mexico. As a result of this move, the crypto market has sharply bounced back. Trump agreed to put a hold on the tariffs after incessant negotiations with both countries.
Yesterday, the Prime Minister of Canada, Justin Trudeau took to social media platform X and mentioned that he had a phone call with Trump which resulted in holding off the 25% tariffs for at least one month and both countries will work collaboratively.
The Prime Minister also mentioned that Canada would be gradually boosting coordination with the partners of the USA by imposing a $1,3 billion border plan. It will also consist of the placement of a Fentanyl czar, referring syndicates as terrorists, and making the US-Canada border more robust.
A series of agreements on tariffs
On the other hand, Mexico has also profited after the announcement of a 30-day hold on tariffs by the 47th President. The President of Mexico, Claudia Sheinbaum raised his voice on X by mentioning that both the Presidents had attained a series of agreements.
The teams from Mexico will start working robustly on two grounds i.e., security and trade, as per the Mexican President followed by the announcement of 30 day hold on tariffs. Bloomberg TV interviewed Trump in which he asserted that the United States and Mexico have not agreed on tariffs till now and they could still go into effect.
The announcements by these prominent leaders have pushed the market once again after it slumped yesterday. The largest cryptocurrency by market capitalization has gone up tremendously to cross the $100,000 mark again and is hovering at $101,731.
Before this, it was trading at $92,000 just one day before this event, the data from CoinMarketCap reveals.
The overreaction of the market
The second-largest cryptocurrency also went to $2,451 on February 2, but then surged and is currently hovering at $2,698. At the time of writing, the Crypto Fear and Greed Index witnessed an uptick at 45 showing Neutrality. Before this, it was at 36 showing a fear state.
The founder of Solana swap platform Titan, Chris Chung said that in his belief the bearishness of the market after the tariffs was because of an overreaction from the market respondents. He also mentioned that virtual transactions are not tariffed and the new has less direct impact on cryptocurrency.
