In a typical twist of financial fate, cryptocurrency markets maintained a steady course on Friday, despite looming threats of renewed tariffs from former U.S. President Donald Trump. Bitcoin took a minor dip, shedding 0.7% over the past 24 hours, settling at $106,700, as per CoinDesk market data. This slight shift mirrored the broader CoinDesk 20 index, which also slipped by the same margin. Sui (SUI) emerged as an outlier, ticking up by 3.3%, a modest gain in an otherwise placid market.
The Calm Amidst Tariff Tensions
Investors and traders alike seemed unfazed by the tariff threats targeting Canada, due to its proposed Digital Services Tax on U.S. tech giants. President Trump declared the cessation of trade negotiations, promising tariffs on Canadian goods within a week. Yet, the crypto sector remained largely indifferent. Analysts at Coinbase suggested that markets are underestimating the economic ramifications, noting, “[Markets] have largely disregarded the potential economic risks stemming from this situation… partly because this hasn’t necessarily been reflected in the economic data.” For further insights into how these geopolitical tensions might influence market dynamics, see Bitcoin Week Ahead: Focus on Powell’s Testimony, U.S. Core PCE as Tariff Deadline Looms.
Cryptocurrency stocks, however, weren’t entirely immune to the turbulence. Coinbase (COIN) saw a 6% decline, while Circle (CRCL) nosedived 16%, continuing its downward spiral to 40% below its peak of nearly $300 earlier in the week. Meanwhile, Bitcoin miners held their ground, with Core Scientific (CORZ) surging over 30% following rumors of a potential acquisition by AI Hyperscaler CoreWeave.
Historical Context and Market Trends
The current situation is reminiscent of past instances where geopolitical tensions have failed to rattle the crypto markets significantly. Historically, Bitcoin and its peers have often operated in a sphere somewhat insulated from traditional economic pressures. Investors might recall the 2019 U.S.-China trade war, where crypto saw sporadic volatility but ultimately maintained its long-term upward trajectory. This trend is also highlighted in Crypto Daybook Americas: Bitcoin Buoyed by Trump, but Analysts Eye $92K Risk, which examines how political developments can impact Bitcoin’s price movements.
This resilience, however, is not without its caveats. The impending July 9 deadline for the pause on reciprocal tariffs could inject new volatility into the markets, but analysts remain skeptical. The general consensus appears to be that any resultant tariffs are unlikely to stir inflationary fears to the extent originally anticipated.
Looking Ahead: Unanswered Questions
As we approach mid-July, the crypto community is left pondering the potential impacts of these geopolitical maneuvers. Could the sector’s current composure be a sign of maturity, or is it merely a lull before a storm of volatility? The jury is still out.
While the immediate effects of tariff threats seem muted, the broader question remains: How will these political maneuvers shape the long-term landscape for cryptocurrency? Investors will be watching closely, parsing every statement from political leaders and market analysts. What remains to be seen is whether this nonchalance will hold or if a shift in sentiment will prompt a more dramatic response.
In the coming weeks, as the tariff deadlines loom closer and the political rhetoric intensifies, the crypto markets may yet find themselves at a crossroads. For now, though, they continue to chart their course with a stoic calm—an intriguing narrative in the ever-evolving saga of digital finance.
Source
This article is based on: Market Wrap: Crypto Markets Shrug Off New Trump Tariff Threat as July Deadline Looms
Further Reading
Deepen your understanding with these related articles:
- Bitcoin rally to $120K possible if Fed eases rates due to tariff and war impact
- What Tariffs Will — and Won’t — Change for U.S. Bitcoin Miners
- Bitcoin price risks sub-$100K dive after Trump confirms Iran strikes
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
