Bitcoin Tops $100,000 as Crypto Market Rebounds Amid Tariff Uncertainty

The cryptocurrency market rebounded today after experiencing significant losses yesterday following President Donald Trump’s tariff announcements.

Bitcoin (BTC) is currently trading at $100,204, reflecting a 3.3% increase in the past 24 hours. Ethereum (ETH) is priced at $2,825, up 7.4%. Meanwhile, XRP has risen 12% to $2.66, and Solana (SOL) is trading at $215, marking an 8% increase, according to CoinGecko.

The overall cryptocurrency market capitalization increased by 5.2% to $3.42 trillion. Leveraged traders were liquidated for a total of $442 million in the past 24 hours, with Bitcoin (BTC) accounting for $115 million and Ethereum (ETH) contributing $100 million. Altcoins collectively saw $51 million in liquidations.

‘Nothing New’

Charles Wayn, co-founder of Galxe, attributes Monday’s market downturn to geopolitical tensions and policy decisions. However, he emphasizes that such volatility is nothing new and has already been largely corrected.

“Bitcoin is already back up to nearly $100k, while Ethereum has recovered nearly 10% at the time of writing,” Wayn said. “Stock markets also seem to have shrugged off fears over US trade tariffs, not least because it seems President Trump has made a deal with Mexico, and all of this may just have been a scare tactic.”

He emphasized that this volatility is merely short-term noise, as “we are in the middle of the strongest crypto bull market the industry has likely seen to date.” He attributed this to Trump’s pro-crypto policies, which he believes will significantly boost market sentiment in the medium to long term.

“In the short term, there will be wobbles and movements with main markets, but Trump has made it clear that crypto is one of his key focuses, and there really is no better indicator for the industry than that,” Wayn said.

Trump’s Trade War

Trump recently announced a 25% tariff on imports from Canada and Mexico but paused their implementation on Feb. 3 after meeting with the leaders of both countries.

His administration stated that the tariffs were aimed at addressing illegal immigration and drug trafficking. In response, both Canada and Mexico announced retaliatory measures. These developments sent both the crypto market and the stock market into a downward spiral on Feb. 3, with BTC dropping to $92,000.