The Proshares Ultra Bitcoin ETF (BITU) closed down 6.67% at $56.71 on January 31, 2025, as Bitcoin faced significant pressure from geopolitical and economic developments. Bitcoin's price fell 3.05% to $101,566.32, driven by President Trump's announcement of new tariffs set to take effect on February 1, imposing a 25% levy on Canada and Mexico and a 10% tariff on China. This announcement has heightened economic uncertainty, leading to volatility in the cryptocurrency markets. The White House's confirmation of the tariffs, despite earlier reports suggesting a delay, further exacerbated the decline. Additionally, the recent U.S. Personal Consumption Expenditures (PCE) data indicated persistent inflation, suggesting that the Federal Reserve might maintain its current interest rate stance, adding to the cautious market environment. The broader CoinDesk 20 Index also experienced a decline, although Ethereum managed a slight advance.