The U.S. markets opens cautiously on Friday, with President Trump’s latest tariff announcements weighing on investor sentiment. However, these developments helped the U.S. Dollar maintain its strength, while unexpectedly boosting Gold (XAU/USD) and Bitcoin (BTC/USD) prices.
Earlier in the week, Trump imposed 25% tariffs on Japan, and on Thursday, he introduced 35% duties on Canada, with signals pointing toward more tariffs for the European Union (EU)—details of which remain uncertain. These moves raised concerns about global growth and inflation, keeping markets on edge.
Despite these concerns, the U.S. Dollar remained firm, benefiting from its safe-haven status and a better-than-expected jobless claims report, along with a slightly hawkish tone from the Federal Reserve officials.
However, the firmer dollar didn’t hinder Gold from rising to a weekly high of $3,255, extending its three-day rally. Gold has now bounced off six-month support and is testing a three-week resistance line, suggesting further upside potential if it breaks through.
In the crypto space, Bitcoin (BTC/USD) reached an all-time high of $118,839 during its four-day uptrend, before stabilizing around $117,800. Bitcoin’s resilience is surprising many, fueled by increasing institutional interest and growing belief in its role as a risk-off asset, particularly as traditional market uncertainty lingers.
Bitcoin’s bullish momentum is also being supported by the upcoming “Crypto Week” starting July 14, during which progress is expected on key U.S. crypto bills: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act. These developments are fueling optimism and laying a solid foundation for the continued rise of digital assets.
Looking ahead, all eyes are on Trump’s next move regarding the EU. If he takes a less aggressive stance and expresses his frustration via social media instead of another formal tariff announcement, markets could see a relief rally.
Such a shift could further support both Gold and Bitcoin as they continue to benefit from institutional demand and positive technical breakouts.
