Bitcoin Pops and Drops as Markets Swing Wildly on Tariff News
"Fake news," said White House Press Secretary Caroline Leavitt in response to the delay rumor.
The swing touched cryptos as well, with bitcoin (BTC) rising from the $74,400 to above $80,000 before retreating back to $79,000, still lower by 4.3% over the past 24 hours. Ether (ETH) remains lower by more than 11%, while XRP is down 9.3%.
Amid the ongoing market panic, there are some green shoots though, with European Union Commissioner Ursula von der Leyen saying, "Europe is ready to negotiate with the U.S.," including offering zero-for zero tariffs on industrial goods.
President Trump, meanwhile, said, "Countries from all over the world are talking to us," and claimed Japan is sending a "top team" to negotiate.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
S&P 500, Nasdaq close at records; Deckers soars on UGG demand
STORY: U.S. stocks gained on Friday, as the Dow added almost half a percent, and the S&P 500 and Nasdaq reached more record high closes, climbing four-tenths and about a quarter of a percent, respectively. The indexes were lifted on hopes the U.S. could reach a trade agreement with the European Union as soon as this weekend, when President Trump meets in Scotland with European Commission President Ursula von der Leyen. That's a sharp contrast to the market turmoil triggered by Trump's so-called "Liberation Day" tariffs, notes Brad Bernstein, managing director at UBS Private Wealth Management. "When we initially saw the 2-day, 10% sell-off, the markets really priced in worst-case scenarios and a lot of what Trump had said on Liberation Day being real. Since then, we've had this incredible recovery, now at all-time highs, close to 6400 today on the S&P, because the markets see that he's really negotiating with foreign countries. The markets are seeing that we've had an incredibly resilient economy. The markets are seeing we've had really no material impact on inflation, so far, into the data. And we've had a lot of positive events, such as the extension of the Trump tax cuts." Related Videos How meme stock mania is a 'sign of the times' 'We ask for more data' than FICO: VantageScore CEO Exciting Time, Data Center Construction Booming: Aon CFO Liquid Death CEO on energy drink push, consumers, & growth Stocks on the move Friday included Deckers Outdoor, which soared 11% after the maker of UGG boots and Hoka sneakers beat quarterly estimates. Shares of Intel tumbled 8.5% after the chipmaker forecast steeper quarterly losses than expected and announced plans to slash jobs. :: Charter Communications Shares of Charter Communications slumped more than 18% after the cable giant reported a deeper-than-expected broadband subscriber loss. And Paramount Global's stock dipped more than one and a half percent after U.S. regulators approved its $8.4-billion merger with Skydance Media. Investors next week will focus on the U.S. Federal Reserve, with policymakers on Thursday expected to hold interest rates steady as the central bank weighs the impact of tariffs on inflation. 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
New York Post
6 minutes ago
- New York Post
Trump's tariff plan seems to be working — proving all the naysayers wrong
For all the 'sky-is-falling' cries over President Donald Trump's tariffs, it looks like his strategy may be working — just as his Aug. 1 deadline nears. In the past week, the Trump folks struck deals with Japan, Indonesia and the Philippines — and may be on the verge of a deal with Europe: On Friday, the prez cited a 50-50 chance of reaching an agreement with the European Union. These developments — on top of previous deals with Vietnam, the United Kingdom and a framework on rare-earth exports and tech restrictions with China — go a long way toward standing up Trump's vision for the international economy, with better terms for America. And at least so far, no catastrophic fallout. Heck, the nation looks poised to benefit enormously on several fronts. Trump's deals in Asia, for starters, reopen US access to cheap markets, sidestepping China, our greatest economic and military rival. Indonesia and the Philippines will pay 19% tariffs on their exports to the United States and levy 0% tariffs on more than 99% of US goods. Japan will see 15% tariffs and invest more than half a trillion dollars into the US economy. Washington will also slap fewer restrictions on Indonesian, Filipino and Japanese goods, everything from cars and clothes to electronics and rubber. And now EU officials are signaling their support for a deal that would mirror the one Trump made with Japan — reciprocal tariffs of 15%. Notably, the EU includes 27 countries in a shared common market, representing the largest singular trading bloc for the United States. The EU deal would clearly benefit US consumers looking to buy, say, French wines or German cars, and also US producers seeking wider access to the European markets. Keep up with today's most important news Stay up on the very latest with Evening Update. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Meanwhile, the resolution of trade issues with so many countries will calm markets and bring confidence and stability to the business community. As for the predicted inflation, it's nowhere to be seen: June's consumer price index came in at a reasonable 2.7%. Recall it hit 9% under Joe Biden. That's partially because corporations, unsure of whether high tariffs will remain permanent and nervous about hiking prices, have absorbed most of the tariffs' costs, at least for now. More good news: The tariffs brought in $64 billion in revenue for the government in just the first three months since Trump's April 2 'Liberation Day' announcement. He's suggested issuing 'rebates' based on that haul, but far better to use the new revenue to pay down the runaway national debt. Yes, there's plenty more to do: Team Trump needs to finalize agreements with Canada, India and Mexico, along with the EU, and numerous smaller countries, before the president's across-the-board reciprocal tariffs hit Aug. 1. So considerable uncertainty remains. But clearly the signs are good, at least so far — despite all the doomy predictions.
The Hill
6 minutes ago
- The Hill
FEMA denying some funding after floods
Energy & Environment The Big Story FEMA denying some funding after floods A review of federal documents by The Hill shows that the administration denied such 'hazard mitigation' funds to states after 16 out of 18 flood disasters during the Trump presidency, with both of the approvals coming before mid-March. After the deadly Independence Day floods, the administration declined to provide Texas with access to a tranche of FEMA funds aimed at heading off the next disaster — money intended to pay for things such as warning systems, tornado shelters and anti-flood measures. It's not alone. In May, children in a Missouri elementary school sheltered from a tornado that shattered windows and ripped gutters off the building inside a safe room purchased with hazard mitigation money issued after the deadly 2011 Joplin tornado. Though the Trump administration approved Missouri's disaster declaration, it refused the hazard mitigation funds the state requested to buy generators and more outdoor warning sirens, state officials told The Hill. Missouri is appealing that decision. In neighboring Oklahoma, the Biden administration had in November approved hazard mitigation funding for wildfires and straight-line winds. But even as those funds went out, more wildfires, driven by straight-line winds, were raging across the Sooner State. President Trump issued a disaster declaration on the last day of the weeklong emergency — but denied hazard mitigation funding. It was the first time in at least 15 years that Oklahoma wasn't approved for requested hazard mitigation, according to state emergency management officials. This pivot — which breaks long-standing federal precedent — comes amid steep Trump cuts to FEMA, which he has also talked about eliminating entirely, as well as cuts to the Department of Housing and Urban Development (HUD) and the federal forecasting and research apparatus. Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. Did someone forward you this newsletter? Subscribe here. Essential Reads How policy will affect the energy and environment sectors now and in the future: NOAA places 2 high-ranking officials on leave The Trump administration has placed two high-ranking officials at the National Oceanic and Atmospheric Administration (NOAA) on leave amid a series of efforts to make cuts at the agency. Full Story US signs MOU with Mexico on Tijuana River sewage crisis The U.S. and Mexico on Thursday took collaborative steps toward curbing a long-standing, cross-border environmental crisis: the unfettered sewage flow from Tijuana into Southern California. Full Story Sanders, Democrats push effort to kill 'handouts' for fossil fuels in Trump's 'big, beautiful bill' Sen. Bernie Sanders (I-Vt.), Rep. Ilhan Omar (D-Minn.) and other critics of the Trump administration's environmental policies are renewing a push for legislation that would end energy subsidies that the critics say will 'destroy the planet.' Full Story What Others are Reading Two key stories on The Hill right now: 'South Park' creators double down on episode skewering Trump 'South Park' creators Trey Parker and Matt Stone had a simple response to the furor the often-controversial show stoked this week with an episode showing President Trump in bed with Satan and making fun of what they depicted as the president's small genitals. Read more Third court blocks Trump birthright citizenship order nationwide after Supreme Court decision A third court ruled Friday that President Trump's birthright citizenship executive order cannot go into effect across the country, following the Supreme Court's decision last month clawing back nationwide injunctions. Read more
