The leading cryptocurrency went within striking distance of $119K early Friday morning. Meanwhile, Trump’s saber-rattling left stocks floundering.
BTC Marches Towards $120K While Equities Struggle
U.S. President Donald Trump upped the ante on Thursday evening, issuing a sternly worded tariff letter to Canada declaring a 35% tax on all Canadian goods entering the U.S. Stock markets retreated on the news Friday morning, with the S&P, Nasdaq, and Dow all down 0.33%, 0.08%, 0.76% at the time of writing. Equities stood in sharp contrast to bitcoin ( BTC) which soared into uncharted territory, peaking at $118,856.47 before simmering down to $117K later in the day.
Canadian Prime Minister Mark Carney, who won the country’s top job on a so-called “elbows up” campaign where he promised to “stand up to Donald Trump,” has made no progress on trade negotiations thus far. The phrase “elbows up” is an ice hockey reference used when players raise their elbows to indicate a willingness to defend themselves or physically engage their opponents. Hockey is Canada’s national sport.
But once Carney won the election, he went from elbows up to what CNN described as the “Trump Whisperer.” Carney fawned on the president, praising his leadership, all while Trump toyed with the idea of annexing Canada when the prime minister visited the White House. Naturally, when Trump suddenly slapped Carney with a 35% tax last night, on top of existing tariffs, Wall Street reacted, but bitcoin didn’t.
(Trump slapped Canada with a blanket 35% tariff on all goods entering the U.S. on top of existing trade taxes / CBC)
“Starting August 1, 2025, we will charge Canada a tariff of 35% on Canadian products sent to the United States, separate from all Sectoral Tariffs,” Trump wrote. “If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 35% that we charge.”
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