The easing of trade tensions between the U.S. and Mexico has played a pivotal role in Bitcoin's price movement today. Initially, Bitcoin faced a sharp decline due to the imposition of new U.S. tariffs on imports from Canada, Mexico, and China. However, the announcement of a one-month delay in these tariffs, following an agreement between U.S. President Donald Trump and Mexican President Claudia Sheinbaum, has led to a positive shift in market sentiment. This development has alleviated some immediate concerns over a full-blown trade war, allowing Bitcoin to recover and rally past the $100,000 mark. Additionally, the announcement of a U.S. sovereign wealth fund, potentially including digital assets, has fueled speculation and optimism among investors, further boosting Bitcoin's appeal.
The ProShares Short Bitcoin Strategy ETF (BITI) experienced a slight decline, closing at $21.97, down 0.41% from its previous close of $21.92, as of 5:00 PM on Monday, February 3.