Market Digest: Bitcoin Holds Near 115K as the World Splits on Trade and Diplomacy

Key Takeaways

U.S. President Donald Trump escalated trade tensions by doubling tariffs on Indian imports to 50%, citing continued purchases of Russian oil.
Brazil filed a WTO complaint after Trump imposed 50% tariffs in retaliation for the legal case of former President Jair Bolsonaro.
Trump signaled a potential breakthrough on Ukraine, confirming plans for a summit with Russian and Ukrainian leaders as early as next week.
Bitcoin (BTCUSD) slipped 0.47% to $114,490 as investors remained cautious amid trade and geopolitical uncertainty.
Gold (XAUUSD) rose 0.26% to $3,378.14, supported by rising economic uncertainty and ongoing tariff disputes.

Geopolitics & Market Sentiment

The world on August 8 stood at a geopolitical crossroads: Military tensions showed signs of easing while trade frictions deepened, and global markets moved in response.

U.S. President Donald Trump signed an executive order imposing an additional 25% tariff on Indian imports, citing India’s continued purchase of Russian crude. The move doubles the tariff rate on many goods to 50%, and it’s set to take effect three weeks from August 7.

In response, India called the decision “unfair, unjustified, and unreasonable” and said it would take all steps necessary to protect its interests.

Similarly, Brazil also pushed back against the new U.S. tariffs, filing a formal complaint with the World Trade Organization over 50% imposed by U.S in retaliation for Brazil’s prosecution of former President Jair Bolsonaro, who remains under house arrest.

In a statement, Brazil’s foreign ministry said “The United States has flagrantly violated key commitments the country has agreed upon at the WTO, such as the principle of the most favored nation and tariff ceilings negotiated at that organization.”

Adding to the economic uncertainty, President Trump said he plans to nominate a temporary replacement for outgoing Federal Reserve Governor Adriana Kugler within the next few days.

Kugler, who will step down this Friday to return to academia, leaves an early vacancy on the seven-member board despite her term being set to run through January 2026.

While economic tensions rose, military diplomacy advanced. “We had some very good talks with President Putin today, and there’s a very good chance that we could be ending, the ending, the road ending, the end of that road,” Trump said. He confirmed that plans are underway for a potential summit with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky, which could take place as early as next week.

According to European officials, Trump informed several leaders during a phone call that he was preparing for two rounds of talks. The first would be a bilateral meeting with Putin, followed by a trilateral session that would include Ukrainian President Volodymyr Zelensky.

White House aides said Trump has asked his team to fast-track the planning process. Although high-level summits usually take weeks to organize, officials noted that the president is pressing for a rapid timeline.

Global Indices

S&P 500 (SPX): 6,345.05 (+0.73%)
Dow Jones (DJI): 44,193.12 (+0.18%)
Nasdaq Composite (IIC): 21,169.42 (+1.21%)
Nikkei 225 Futures (NK2251!): 41,000.00 (+0.47%)
Euronext 100 (N100): 1,562.61 (+0.21%)
FTSE 100 (FTSE): 9,139.30 (+0.20%)

Cryptocurrencies

Bitcoin (BTCUSD): 114,490.00 (-0.47%)
Ethereum (ETHUSDT): 3,677.27 (-0.16%)
Binance Coin (BNBUSDT): 767.50 (-0.27%)
Solana (SOLUSDT): 168.67 (0.49%)
BTC Dominance (BTC.D): 61.61% (-0.11%)

Commodities

Gold (XAUUSD): 3,378.14 (+0.26%)
Silver (XAGUSD): 38.04 (+0.61%)
WTI Crude (USOIL): 64.82 (+0.87%)
Brent Crude (BRENT): 68.16 (-3.68%)

Major Stocks

NVIDIA (NVDA): 179.42 (+0.65%)
Tesla (TSLA): 319.91 (+3.62%)
Microsoft (MSFT): 524.94 (-0.53%)
Meta (META): 771.99 (+1.12%)
Apple (AAPL): 213.25 (+5.09%)
Amazon (AMZN): 222.31 (+4.00%)

Forex

U.S. Dollar Index (DXY): 97.73 (-0.05%)
EUR/USD: 1.1670 (+0.10%)
GBP/USD: 1.3365 (+0.13%)
USD/JPY: 147.28 (-0.04%)