The easing of trade tensions between the U.S. and Mexico has injected optimism into the cryptocurrency market, with Bitcoin nearing the $100,000 milestone. This development follows Mexico's commitment to deploying troops to the U.S. border, alleviating fears of a trade war and boosting crypto prices. The market's recovery is further bolstered by the potential removal of U.S. tariffs on Mexico, which has calmed investor nerves. Analysts are viewing the recent market dip as a buying opportunity, supported by Bitcoin's historical February performance and a bullish flag pattern suggesting a potential breakout.
The Proshares Ultra Bitcoin ETF (BITU) has experienced a notable decline, dropping 5.23% to $52.60 as of 11:20 AM on Monday, February 3.