BTC$99,757.132.12%ETH$3,107.644.84%XRP$2.89904.66%USDT$0.99980.00%SOL$215.006.33%BNB$657.072.28%USDC$1.00010.00%DOGE$0.30247.12%ADA$0.89084.79%TRX$0.24284.53%LINK$22.919.08%AVAX$31.378.31%WBTC$99,896.681.95%XLM$0.38955.91%SUI$3.76456.32%TON$4.60795.33%HBAR$0.28207.19%SHIB$0.0₄17557.32%LEO$9.62250.10%LTC$116.546.18%MarketsShare this articleRenewed trade war, coupled with mass deportations, could add to inflation. BTC’s weakness likely reflects those fears.By Omkar GodboleFeb 2, 2025, 8:50 a.m. UTCWhat to know: BTC drops below $100K, offering risk-off cues to traditional markets. Canada joins Mexico in slapping retaliatory tariffs on the U.S.Renewed trade war plus mass deportations of illegal migrants is seen injecting inflation into the global economy. Bitcoin (BTC), the leading cryptocurrency by market value and the only macro asset open for trading over the weekend slipped below $100,000 as Canada joined Mexico in announcing retaliatory import tariffs against the United States.Prime Minister Justin Trudeau said Canada would impose 25% tariffs on U.S. goods, from drinks to appliances, after President Donald Trump imposed a 25% tariff on Canadian and Mexican imports and 10% on goods from China. China said it would file a case against the U.S. at the World Trade Organization while vowing unspecified countermeasures to safeguard its interests.STORY CONTINUES BELOWDon’t miss another story.Subscribe to the Crypto Long & Short Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.The renewed trade war, coupled with mass deportations of illegal migrants from the U.S., could add to inflation, weakening the case for speedy Fed rate cuts. BTC’s price weakness likely reflects these concerns and offers risk-off cues to traditional risky assets. The broader crypto market followed BTC lower, with the CoinDesk 20 Index falling over 2%.Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.AboutAbout UsMastheadCareersCoinDesk NewsResearchContactContact UsAccessibilityAdvertiseSitemapPoliciesEthicsPrivacyTerms of UseCookie ConsentDo not sell my infoDisclosurePlease note that ourprivacy policy,terms of use,cookies,anddo not sell my personal informationhave been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital
Dom. Feb 2nd, 2025
