Bitcoin and other major assets are on a surprise upswing after a brutal day of declines, following word that President Donald Trump will pause the planned implementation of trade tariffs against Mexico and attempt to negotiate a deal with the country.
The price of Bitcoin rose by nearly $4,000 in the span of an hour as the news started to spread, rising as high as $99,605 before cooling to its current level of $99,000. The price of the leading cryptocurrency had fallen as low as $92,460 late Sunday as trade war concerns spread rapidly, shaking other markets beyond crypto.
While Bitcoin took a hit, other major assets plunged harder over the weekend. XRP started February above the $3 mark, but fell as low as $2.01 late Sunday. It surged hard once the Mexican negotiations news came out, ripping by more than 12% in a single hour and jumping to a current price of $2.62.
XRP is still down 5% on the day and almost 14% on the week, but has made up more than half of the ground lost so far this month.
Other major coins have similarly regained some ground after sharp losses in the past day, with Solana bouncing up to $207 at present after falling as low as $183 on Sunday, and Dogecoin rebounding back to over $0.271 after dumping to $0.216 late Sunday—a nearly three-month low for the original meme coin.
Nearly $2.4 billion worth of crypto positions have been liquidated over the last 24 hours, per data from CoinGlass—although Bybit CEO Ben Zhou claimed on X (formerly Twitter) that those numbers may be well short of reality, based on his platform’s own share of liquidations.
Mexican President Claudia Sheinbaum announced Monday that she spoke with Trump and agreed on a pause to the U.S. tariffs, as well as Mexico’s planned retaliation—and that Mexico will send 10,000 soldiers to the U.S. border to attempt to prevent illegal cross-border drug trafficking and migration.
Trump wrote on his Truth Social platform that the countries “agreed to immediately pause the anticipated tariffs for a one-month period,” with negotiations planned with Secretary of State Marco Rubio, Secretary of Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick. President Trump added that he hopes to “achieve a ‘deal'” with Mexico.
Planned trade tariffs against Canada and China are still currently set to go into effect Tuesday.
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