“Well, bugger me with a trading bot,” thought the market. “That was a dip and a half!” In a surprising twist, Prime Minister Justin Trudeau announced a truce: US and Canada tariffs are postponed for 30 days. Bitcoin took this as its cue to dance back up to $100,000 while MicroStrategy’s stock price tiptoed up 4%.
Oh, the joys of avoiding a trade war, for now, dear reader! We may yet see the day when the cataclysmic clash of economic titans is nothing more than a footnote somewhere in the depths of Wikipedia, but for now, the tariffs against China are hanging around like that one guest who doesn’t know when the party’s over.
The Great North American Truce
Today, the US found itself playing economic chess with its favorite neighbors, and what a game it’s been. The threat of tariffs tightens its sweaty grip around tech stocks and crypto markets. DeepSeek already had stocks performing the wobble, but today’s tariff tango wiped a cool $2 billion off the market. And if you believe some people, it may have been more like $10 billion!
Bitcoin, our beloved rollercoaster of value, took a bit of a plunge to $92,000 while MicroStrategy’s MSTR stock did a graceful nosedive of 8%. Ouch!
But, lo and behold! Mexican President Claudia Sheinbaum worked her magic with The Donald, and just like that, the specter of a trade war has been banished to the shadow realm—for now. Prime Minister Trudeau exclaimed with joy:
“Had a good natter with Trump. Canada’s got a $1.3 billion plan to keep our borders tight—with fancy helicopters, tech, and more folks patrolling. And guess what, tariffs are on hold for 30 days while we figure this mess out together,” he said.
You could almost hear the collective sigh of relief from traders. Canada, the unsung hero of the crypto economy, managed to keep things afloat just a tad longer. And boom! Bitcoin and XRP danced their way back up, with BTC touching a sweet $102,000.
The Crypto Stock Comeback
In a tale of market resurrection, MicroStrategy and other crypto mining stocks like MARA have done a phoenix-like rise from their earlier budgetary asphyxiation, thanks to Canada’s truce.
MicroStrategy, in an Oscar-worthy plot twist, broke its 12-week Bitcoin-buying binge! No comment from Captain Saylor on this uncharacteristic pause, but the stock certainly got the jitters today.
But let’s not start handing out “happily ever afters” just yet. The US did throw a rather large spanner in the works of its relationship with Canada. One wonders if there will be lingering side-eyes and passive-aggressive NAFTA comments at the next summit.
The crystal ball remains hazy on the future of US-Canada trade relations. Should the tariffs rise from their 30-day slumber, expect the crypto market to throw another one of its legendary temper tantrums. Oh, and don’t forget the elephant—er, dragon—in the room: China. The PRC has been rather selective about its participation in this economic opera and its next move could be a game-changer.
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2025-02-04 04:06