Bitcoin whipsawing as Trump delays tariffs on Canada and Mexico, but makes no deal with China.

It's Tuesday, February 4th, 2025. I'm Christine Lee. This is Coin Nest Daily.

We all want to believe in something. In Chinese, belief also means trust. We want to trust our systems

and each other so we can build a future beyond what we know. Join us at Consensus Hong Kong,

where belief becomes real. Gains made by Bitcoin Monday night are facing renewed selling pressure

Tuesday morning. U.S. President Donald Trump agreed to delay tariffs

against Canada and Mexico for a month, triggering a remarkable recovery for BTC price from nearly

$92,000 to over $102,000 in hopes that the trade war would be short-lived. But President Trump's new 10%

tariffs on China came into effect, and China is responding

with retaliatory tariffs against the U.S., putting BTC gains in check. Beijing imposing a 15%

duty on U.S. coal and liquefied natural gas and a 10% tax on crude oil, agricultural machinery,

pickup trucks, and large engine cars.

President Trump further signed an executive order Monday afternoon, charging the Treasury and

Commerce departments with creating a sovereign wealth fund.

Though Bitcoin wasn't mentioned at the signing, the fund could conceivably house the government's

Bitcoin holdings.

While Treasury Secretary Scott Besson

has expressed at least cautious interest in crypto, Commerce Secretary nominee Howard Lutnik

has been a loud champion for the sector. His bond training powerhouse Cantor Fitzgerald is the

custodian for Stablecoin giant tethers massive holdings of government paper, and Lutnik himself has talked about his own personal

massive exposure to Bitcoin. Appearing alongside Trump in the Oval Office Monday, Besson said he

expected the sovereign wealth fund to be created in the next 12 months.

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