Bitcoin Soars Nearly 10% Against Mexican Peso Amid ‘Trump Trade’ Surge; Gold Holds Steady

Key Points

• Bitcoin surged 7% in Asian markets, trading above $74,000, with BTC/MXN up 10% amid Mexican peso declines.
• Trump’s proposed tariffs on Mexico, up to 100%, have weakened the peso, now at its lowest since August 2022.
• The “Trump trade” lifted the dollar index to 105.00 and drove U.S. Treasury yields higher, keeping gold flat.
• Gold and bitcoin remain long-term inflation hedges, with year-to-date gains of 32% and 75%, respectively.

As Donald Trump takes a notable lead over Kamala Harris in the U.S. presidential race, markets are reacting sharply. Bitcoin (BTC) surged more than 7% during Wednesday’s Asian trading hours, reaching record highs above $74,000, with even larger gains seen against the Mexican peso (MXN). Trump’s proposed trade policies, which include potential tariffs on Mexican imports up to 100%, have fueled concerns over the peso’s stability, driving BTC/MXN to trade nearly 10% higher at 1.548 million on Binance, per TradingView.

The Mexican peso, which has weakened by 27% since March, fell 3% to its lowest since August 2022, pressured by Trump’s reiterated commitment to imposing a 25% tariff on Mexican imports if Mexico does not increase border security measures. Trump’s tariff escalation could have significant consequences for the U.S.-Mexico-Canada Agreement (USMCA), which is up for review in 2026.

At the same time, the “Trump trade” has spurred gains in the dollar index (DXY), which hit 105.00 for the first time since July, and U.S. Treasury yields, with the 10-year note yield up by over 20 basis points to 4.46%. Both increases have tempered gold’s momentum, as the metal held steady at $2,740 per ounce. Despite this, both gold and bitcoin are widely regarded as long-term hedges against inflation amid U.S. fiscal debt growth, with gold up 32% this year and bitcoin 75%.