Bitcoin Steady Amidst Renewed Tariff Threats
Bitcoin Market Remains Calm Despite Tariff Threats
The cryptocurrency market displayed remarkable stability on Friday, shrugging off renewed threats of tariffs. Bitcoin experienced a minor dip of 0.7% in the last 24 hours, trading at $106,700 according to CoinDesk data. This relatively calm reaction contrasts with the announcement by President Trump of potential tariffs against Canada.
Market Performance Overview
- Bitcoin: Down 0.7% at $106,700
- CoinDesk 20 Index: Down 0.7%
- Sui (SUI): Up 3.3% (highest change in CoinDesk 20)
- Coinbase (COIN): Down 6%
- Circle (CRCL): Down 16% (down 40% since Monday's peak)
- Core Scientific (CORZ): Up over 30% (following acquisition talks)
- Hut 8 (HUT): Down 6.5%
The muted response in both traditional and crypto markets suggests a lack of immediate concern regarding the potential inflationary impact of the new tariffs. Coinbase analysts suggest that markets are disregarding the economic risks, partly because these risks aren't yet reflected in economic data. They also anticipate that the tariffs will have a less inflationary effect than previously predicted.
Trump's Tariff Announcement and Market Sentiment
President Trump announced the termination of trade discussions with Canada due to its Digital Services Tax. He stated that Canada will face tariffs within seven days. While the existing pause on reciprocal tariffs ends on July 9th, the crypto market seems unconcerned. This suggests market participants are either skeptical of the impact of the tariffs or believe the potential impact has already been factored into the current market prices.
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