Geopolitical developments have played a pivotal role in Bitcoin's price movement today, particularly the easing of trade tensions between the U.S. and Mexico. 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 shifted market sentiment positively. This delay has alleviated immediate concerns over a potential trade war, allowing Bitcoin to recover and rally past the $100,000 mark. Additionally, the announcement of a U.S. sovereign wealth fund, which could potentially include digital assets, has further fueled optimism in the crypto market.
The 2x Bitcoin Strategy ETF (BITX) experienced a notable increase, rising 1.00% to $59.48 at 5:00 PM on Monday, February 3.