Bitcoin Crosses $90K as Trump Delays Canada, Mexico Auto Tariffs
In the latest whipsaw of headlines this week, Donald Trump's tariff delay Wednesday eased investor worries with bitcoin (BTC) leading the crypto market higher.
The U.S. government confirmed to delay tariffs on auto parts coming from Canada and Mexico by one month just one day after enacting them. Germany's plan to ease debt limits for infrastructure spending and China hiking its target deficit also contributed to rebounding risk markets.
BTC climbed just above $90,000 on the news, up 3.7% over the past 24 hours. Almost all assets in the broad-market CoinDesk 20 Index advanced, with bitcoin cash (BCH), Chainlink's LINK and Aptos' (APT) booking double-digit gains.
Read more: Bitwise Files to Launch Aptos ETF
The tech-focused Nasdaq and the broad-market S&P 500 were also up 1.2% and 1.5%, respectively, in the afternoon hours of the session. Crypto-related stocks also climbed higher from the early week lows. Crypto exchange Coinbase (COIN) was up 3.5%, while the largest corporate bitcoin holder Strategy gained nearly 10%.
Trade tensions and geopolitical risk have taken center stage lately, weighing on investor sentiment, pressuring risk assets like U.S. stocks and digital assets lower.
Similar risk off episodes have usually led investors to flee to the U.S. dollar, translating to downside pressure on crypto assets, said Joel Kruger, market strategist at LMAX Group. However, this time the U.S. dollar index (DXY) cratered to its weakest level since early November and is down more than 5% lower from its mid-January peak.
"With Fed rate expectations shifting back to pricing more rate cuts than less in 2025 and with bitcoin capable of shining as a store of value asset, we believe there are plenty of reasons to expect bitcoin to be well supported on dips," Kruger said.
Crypto analytics firm Swissblock noted that despite the wild price swings over the past few days, the firm's Bitcoin Fundamental Index, which measures the overall health of the network, held up relatively well.
"Bitcoin's fundamentals are on the verge of shifting into the bullish quadrant, with sustained improvements in liquidity and network growth," Swissblock analysts said in a Telegram broadcast. "This strength suggests that BTC is unlikely to be driven into a bear market."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
16 minutes ago
- CNBC
Trump approves U.S. Steel merger with Japan's Nippon after companies sign national security agreement
President Donald Trump issued an executive order on Friday approving U.S. Steel's merger with Japan's Nippon Steel, after the companies signed a national security agreement with the U.S. government. Trump opposed U.S. Steel's controversial sale to Nippon in the runup to the 2024 president election, as Republicans and Democrats have leaned into protecting U.S. companies against foreign competitors. But Trump started softening his opposition to the takeover after assuming office, ordering a new review of the deal in April. President Joe Biden had blocked U.S. Steel's sale to Nippon during his final days in office, citing national security concerns, despite Japan being a close ally. Trump has avoided calling the deal an acquisition or merger, describing it as a "partnership" in a May 23 post on his social media platform Truth Social. He insisted that U.S. Steel will remain "controlled by the USA" during a speech to workers at one of the company's plants outside Pittsburgh on May 30. U.S. Steel made clear it would become a "wholly owned subsidiary" of Nippon North America under the terms of the merger agreement in an April 8 filing with the Securities and Exchange Commission. Trump's description of the deal as a "partnership" caused confusion among investors and union leadership. The president told U.S. Steel workers that Nippon will be a "great partner." The Trump administration is currently engaged in trade talks with Japan as investors eagerly await signs that the U.S. will strike deals with key partners that avoid steep tariffs. Trump told the steelworkers that Nippon had agreed to keep U.S. Steel's blast furnaces operating at full capacity for a minimum of 10 years. The president said the deal would not result in layoffs and promised there would be "no outsourcing whatsoever." He said workers will receive a $5,000 bonus. Trump announced that he was doubling U.S. tariffs on steel imports to 50% during his remarks to U.S. Steel workers. Those tariffs went into effect on June 4.
Yahoo
25 minutes ago
- Yahoo
The AI Trade Is Back in Play: 2 Stocks to Buy for Summer Sizzle!
Written by Joey Frenette at The Motley Fool Canada The AI (artificial intelligence) trade is getting heated as we move towards the midpoint of the year, with the S&P 500 now just a good day or two away from completing its so-called V-shaped recovery from the brutal spring correction (nearly a bear market for the S&P 500 as the TSX Index held its own relatively well) worsened by Trump's sweeping tariff war with most of the world. If you're a tad jittery after the volatility experienced a few months ago, you're not alone. It's hard to justify buying the stock on strength as tariff talks continue to dominate the headlines. In any case, I think there are great value names that don't entail paying all too high a premium for long-term AI exposure. In this piece, we'll have a look at two great names for investors seeking growth at a reasonable price (GARP). As GARP clashes with the AI trade, I think the following names could be timely bets for the medium and long term. Apple (NASDAQ:AAPL) stock seems stuck in a bear market, with shares falling below the $200 level again following what can only be described as a less-than-exciting 2025 edition of WWDC (Worldwide Developers' Conference). I saw the whole thing, and it was lighter in the AI than expected. After facing criticism for overpromising with its Apple Intelligence, which may be an early flop depending on who you ask, I think it's no surprise that the latest WWDC was a bit lighter on the AI promises. Does that mean Apple is ready to step away from the AI race? Of course not! Rather, I think Apple's just underpromising so that it can overdeliver a year or two from now. Indeed, there's a high bar to pass for the next-level Siri to land. And it's not yet above the high bar set by Apple. Despite the less-exciting and relatively AI-light WWDC, I still consider Apple to be a top AI play that'll be worth the wait. For now, there's Liquid Glass technology to get excited about as Apple applies more polish to its model that it wants to get right, even if it means showing up even later to the AI party. After slipping more than 23% from its highs over AI jitters and underwhelming post-WWDC, I think it's time to start thinking about doing some buying. Indeed, the stock is down nearly 7% in the past year, with a forward price-to-earnings multiple of 25.1 times, which is way too low for a firm that's going slow and steady in this AI race. I think slow and steady may very well win the race. But, of course, time will tell. I've been pounding the table on Shopify (TSX:SHOP) and its AI potential for quite some time now (likely well over a year). And recently, I highlighted that some analysts covering the stock are starting to take notice. Indeed, Wall Street is catching on to the company's AI prowess. And with that, I believe, could accompany multiple expansion as the firm continues investing heavily in AI technologies to level up its product. Personally, I think Shopify is the most innovative tech firm in Canada and perhaps in the e-commerce scene. As such, investors may wish to watch the name to buy on any dips over the coming weeks and months. Shopify is the real deal. And to discount its AI powers, I think, would be a mistake. The post The AI Trade Is Back in Play: 2 Stocks to Buy for Summer Sizzle! appeared first on The Motley Fool Canada. More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube Fool contributor Joey Frenette has positions in Apple. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Apple. The Motley Fool has a disclosure policy. 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
33 minutes ago
- CNN
US Steel and Nippon Steel say Trump has approved their partnership
President Donald Trump has approved a partnership between US Steel and Nippon Steel, the companies said in a release on Friday. 'We look forward to putting our commitments into action to make American steelmaking and manufacturing great again,' the companies said in a statement. The steelmakers also entered into a national security agreement with the US government, the statement said. The agreement 'provides that approximately $11 billion in new investments will be made by 2028, which includes the initial investment in a greenfield project that would be completed after 2028,' the companies said in their statement. The agreement also contains governance commitments, including a so-called 'golden share' that could give the US government special say in how the partnership is run. This is a developing story and will be updated.
