Cryptocurrencies bounced on Monday with bitcoin (BTC) rallying towards $100,000 as concerns over a full-blown trade war significantly subsided with Mexico reaching an agreement with U.S. President Donald Trump.
Mexico President Claudia Sheinbaum said on Monday that the government will deploy 10,000 troops on the U.S. border to stop illegal arms and drug trafficking. She also said that tariffs will be delayed for a month.
Underscoring the sudden sentiment change, odds on prediction marketplace Polymarket that Donald Trump will remove blanket tariffs against Mexico before May spiked to 80%, up from around 50% earlier today.
Bitcoin surged from its Monday lows of $91,300 after the overnight capitulation, and was up 1.5% on the day, TradingView data shows. Ethereum’s ether (ETH) rallied above $2,700 from near $2,000, while Solana’s SOL traded above $200. XRP advanced 40% from its lows, trading around $2.5.
U.S. stocks narrowed earlier declines by about half, with the Nasdaq now lower by only 1% and the S&P 500 0.75%.