Reports suggesting that the U.S. may announce a partial reduction in tariffs imposed on Canada and Mexico have created a positive market sentiment. This development contributed to Bitcoin surpassing the $87,000 level.
The U.S. Secretary of Commerce stated that while the tariffs may not be fully removed, the administration is working on a compromise model that includes certain concessions. It was noted that partial tariff reductions could be possible if Canada and Mexico comply with trade agreement regulations.
In response to the U.S. tariffs, Canada announced a retaliatory tax on $155 billion worth of American goods. The first phase has already implemented $30 billion in tariffs, while the remaining portion is expected to take effect within the next 21 days.
Meanwhile, expectations of interest rate cuts have also played a role in market recovery. The U.S. Treasury Secretary reaffirmed their commitment to lowering rates, with increasing speculation that the Federal Reserve may cut interest rates three times this year. As global economic developments unfold, signs of recovery in the cryptocurrency market continue to emerge.
