In a surprising turn of events, XRP, the crypto market’s favorite underdog, leaps 6% after the US and Mexico agree to hit the brakes on tariffs. But wait, there’s more! Canadian Prime Minister Justin Trudeau has his own plans, and it’s a wild ride from here!
A Deal Between the US and Mexico: A Crypto Market’s Dream?
The proposed tariffs between the US and Mexico have been shaking up the crypto market. With US tech stocks already struggling due to DeepSeek and new tariffs imposed on Mexico, Canada, and China, the crypto market witnessed billions in liquidations. XRP, which had been soaring since Trump’s election victory, took a 25% hit over the weekend. But, as they say, every cloud has a silver lining!
Mexican President Claudia Sheinbaum and Donald Trump have reached an agreement to postpone the tariff process. As Sheinbaum put it, “Our teams will begin working today on two fronts: security and trade. Tariffs will be paused for one month from now.”
And just like that, the crypto market breathed a sigh of relief, with XRP’s value jumping up 6%! The ‘made in USA‘ cryptocurrencies, such as Cardano, Chainlink, and Hedera, also made a significant recovery.
Canada: The Unpredictable Variable in the Crypto Market
While Mexico and the US are back on track, Canadian Prime Minister Justin Trudeau is taking a different approach. He’s preparing to retaliate against US tariffs, which could significantly impact the crypto market. Canada, with its BlackRock Bitcoin ETF and 40% of institutional investors holding crypto, is a significant player in the crypto world.
Buckle up, folks! The crypto market is in for a wild ride, and Canada’s defiance might just be the cherry on top!
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2025-02-03 21:24