The crypto markets experienced a relatively calm session on Friday, even as U.S. President Donald Trump announced the termination of all trade discussions with Canada in response to the country’s proposed Digital Services Tax targeting U.S. tech firms. Within the past 24 hours, Bitcoin (BTC) fell slightly by 0.7%, trading around $106,700, aligning closely with the broader CoinDesk 20 index, which also retreated by the same percentage excluding stablecoins, memecoins, and exchange tokens.
Sui (SUI) was the top performer within this index, posting a modest gain of 3.3%. Crypto-related stocks experienced more pronounced moves; Coinbase (COIN) shares dropped 6%, while Circle (CRCL) fell sharply by 16%, with Circle’s stock down approximately 40% from its recent peak near $300 earlier in the week.
Bitcoin mining stocks remained mostly stable. Core Scientific (CORZ) surged over 30% the previous day following news that AI hyperscaler CoreWeave was considering acquiring the firm. Conversely, Hut 8 (HUT) declined by 6.5%. Market participants appear largely unfazed by the looming July 9 deadline when a pause on reciprocal tariffs is scheduled to end. Analysts from Coinbase noted that economic risks from escalating tariffs have been mostly disregarded due to their limited reflection in current economic data, suggesting that the potential inflationary impact of tariffs may be less severe than initially feared.