It’s déjà vu once again in the crypto market following a previously optimistic report about a potential delay on tariffs, which has now been denied by the White House.

To recap, President Trump stated on Thursday that a 25% tariff on Mexico and Canada will take effect as of Saturday, February 1. Bitcoin (BTC) experienced a quick reversal, dropping 2% back around the $104,000 mark after reaching over $106,000 beforehand. Meanwhile, U.S. stocks fluctuated but overall ended in positive territory.

On Friday, a Reuters report indicated that the tariff implementations would be postponed until March 1, allowing countries to apply for exemptions on certain exports. However, the White House refuted this claim, with Press Secretary Karoline Leavitt informing reporters that the tariffs—including a 10% on China—will commence as planned.

Bitcoin had again risen past $106,000, seemingly poised to surpass a new historic high over $109,000. Yet, the tariff announcement caused prices to plunge once more, with Bitcoin trading just below $103,000 at the time of writing, reflecting a 2.3% drop in the last 24 hours.

The broader CoinDesk 20 Index fell by 1.3% over the same period, primarily bolstered by ether’s (ETH) 1.2% gain. Traditional markets show U.S. stocks slightly up, though not at their peak levels.