Bitcoin Holds Steady as Tariff Tensions Re-Emerge

Cryptocurrency markets remained relatively stable on Friday, despite renewed concerns over U.S. tariff threats. Bitcoin (BTC) slipped 0.7% over the past 24 hours, trading at around $106,700, according to CoinDesk data. Its performance mirrored the CoinDesk 20 Index, which also dropped 0.7%. Among the index tokens, Sui (SUI) was the top performer with a modest 3.3% gain.

Crypto-related stocks saw steeper declines. Coinbase (COIN) dropped 6%, while Circle (CRCL) plunged 16%. Circle’s stock has now declined 40% from its weekly high near $300. Bitcoin miners were less volatile; Core Scientific (CORZ) remained steady after surging 30% Thursday on acquisition rumors involving AI hyperscaler CoreWeave. However, Hut 8 Mining (HUT) fell 6.5%.

The calm in crypto contrasted with geopolitical developments. Former President Donald Trump declared an end to trade talks with Canada, citing the country’s proposed Digital Services Tax targeting U.S. tech firms. He warned tariffs would be announced within seven days.

Meanwhile, the pause on reciprocal tariffs is scheduled to end July 9. Despite these threats, both traditional and crypto markets remained unfazed. A Coinbase research report noted that traders appear indifferent to the potential economic risks, as the concerns haven’t yet surfaced in macroeconomic data.

Analysts believe this market calm may persist, as the expected tariff impacts may not be as inflationary as in past cycles. For now, investors seem more focused on underlying market strength than on political noise, maintaining a wait-and-see approach amid potential trade turbulence.