The ProShares Bitcoin Strategy ETF (BITO) closed at $24.59 on January 31, down 3.42%, as Bitcoin's price fell 3.05% to $101,566.32 amid economic uncertainty fueled by President Trump's tariff announcements. The White House confirmed that tariffs on Canada and Mexico will take effect on February 1, with a 25% levy, while China will face a 10% tariff, creating volatility in the cryptocurrency markets. Bitcoin had climbed above $106,000 before the tariff news sent prices lower. The broader CoinDesk 20 Index also experienced a decline, although Ethereum managed a slight advance. Analysts from BitBank suggest that Bitcoin could slip back to $100,000 if upcoming economic data does not favor the cryptocurrency. The recent PCE price index report showed a 0.3% rise in December, indicating persistent inflation, which may deter the Federal Reserve from cutting interest rates.