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Renewed trade war, coupled with mass deportations, could add to inflation. BTC’s weakness likely reflects those fears.
Updated Feb 2, 2025, 8:57 a.m. UTCPublished Feb 2, 2025, 8:50 a.m. UTC
What to know:
- BTC trades weak for third consecutive day, offering risk-off cues to traditional markets.
- Canada joins Mexico in slapping retaliatory tariffs on the U.S.
- Renewed trade war plus mass deportations of illegal migrants is seen injecting inflation into the global economy.
Bitcoin (BTC), the leading cryptocurrency by market value and the only macro asset open for trading over the weekend, held below $100,000, trading weak for the third straight day, as Canada joined Mexico in announcing retaliatory import tariffs against the United States.
Prime Minister Justin Trudeau said Canada would impose 25% tariffs on U.S. goods, from drinks to appliances, after President Donald Trump imposed a 25% tariff on Canadian and Mexican imports and 10% on goods from China. China said it would file a case against the U.S. at the World Trade Organization while vowing unspecified countermeasures to safeguard its interests.
STORY CONTINUES BELOW
The renewed trade war, coupled with mass deportations of illegal migrants from the U.S., could add to inflation, weakening the case for speedy Fed rate cuts. BTC’s price weakness likely reflects these concerns and offers risk-off cues to traditional risky assets. The broader crypto market followed BTC lower, with the CoinDesk 20 Index falling over 2%.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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