The 2x Bitcoin Strategy ETF (BITX) closed down 6.73% at $58.89 on January 31, as Bitcoin's price fell 2.79% to $101,833.16 amid heightened economic uncertainty. The decline in Bitcoin was primarily driven by President Trump's announcement of new tariffs, including a 25% levy on Canada and Mexico and a 10% tariff on China, set to take effect on February 1. This announcement has created volatility in the cryptocurrency markets, with Bitcoin initially climbing above $106,000 before reversing course. The broader CoinDesk 20 Index also saw a decline, although Ethereum showed some resilience. Additionally, the release of U.S. Personal Consumption Expenditures (PCE) data, a key inflation indicator, suggested that the Federal Reserve might maintain its current interest rate stance, further weighing on Bitcoin. Analysts from BitBank have indicated that Bitcoin could fall further if upcoming economic data does not support the cryptocurrency.