Bitcoin News Today: Bitcoin Flat as Trump Imposes Reciprocal Tariffs on Canada and Switzerland

Generated by AI AgentCoin World
Friday, Aug 8, 2025 2:26 pm ET1min read
Aime RobotAime Summary

- Trump’s reciprocal tariffs on Canada and Switzerland had minimal impact, with Bitcoin remaining stable around $116,000.

- The 35-39% tariffs targeted key imports, but global stock markets and crypto indices showed muted reactions, rising slightly post-implementation.

- Bitcoin’s narrow price range and 0.76% crypto market gain contrast with Trump’s claims of economic retaliation, as traders await long-term trade policy effects.

- Increased crypto trading volume (8.07%) and stable market cap ($2.31T) highlight resilience, though Bitcoin dominance dipped to 60.62% as altcoins outperformed.

Bitcoin remained largely unchanged on Thursday following the implementation of President Donald Trump’s latest round of so-called “reciprocal tariffs,” which took effect at midnight ET as previously announced [1]. The move, described by Trump as a way to protect American interests and retaliate against perceived unfair trade practices, included significant duties on imports from countries such as Canada and Switzerland. Despite the aggressive policy shift, the cryptocurrency market showed minimal immediate reaction.

Bitcoin
continued to trade around the $116,000 level, with little movement observed over the past 24 hours [1].

The U.S. president characterized the tariffs as retaliatory, stating that other nations had long taken advantage of the U.S. Trump imposed a 39% tax on Swiss imports, sending the country scrambling to negotiate, while Canada was hit with a 35% tariff. Canadian Prime Minister Mark Carney’s attempts to engage in discussions were reportedly met with little interest from Trump, who has previously suggested that Canada may simply accept the tariffs without negotiation [1].

Despite the escalation in trade tensions, financial markets showed a muted response. The S&P 500, Nasdaq, and Dow all recorded modest gains on Friday, at 0.77%, 0.90%, and 0.52%, respectively [1]. The broader cryptocurrency market also edged higher by 0.76%, even as Bitcoin itself remained flat.

Bitcoin's price hovered between $115,696.49 and $117,689.20 over the period, according to CoinMarketCap [1]. Trading volume increased by 8.07% in the last 24 hours, reaching $63.26 billion, while market capitalization remained stable at $2.31 trillion. Bitcoin dominance dropped slightly to 60.62%, as altcoins such as ether outperformed the leading cryptocurrency [1].

Futures open interest stood at $80.43 billion, reflecting a modest 0.19% increase from the previous reporting period. Total Bitcoin liquidations over the same timeframe remained flat at $32.86 million, with short liquidations making up the majority of the total, at $23.47 million [1]. The lack of significant price swings suggests that traders did not react with panic to the new tariff regime.

The broader economic implications of Trump’s policy remain uncertain. While global stock markets initially dipped, they quickly stabilized, with analysts suggesting that much of the anticipated impact had already been priced in by investors [4]. The full economic effects of the tariffs, however, are expected to unfold gradually.

In the cryptocurrency space, traders are closely watching how these trade policies might indirectly influence digital asset adoption and institutional investment in the coming weeks [1]. Bitcoin’s performance appears more sensitive to macroeconomic and geopolitical shifts than to immediate market shocks, as it continues to trade in a narrow range despite heightened global trade tensions.

[1] Bitcoin Flat After Trump Rolls out Reciprocal Tariffs - Bitcoin.com (https://news.bitcoin.com/bitcoin-flat-after-trump-rolls-out-reciprocal-tariffs/)

[4] Markets Shrug as Chip and Pharma Stocks Navigate ... - Money (https://moneymorning.com/2025/08/07/markets-shrug-as-chip-and-pharma-stocks-navigate-trumps-new-tariff-blitz/)