Market Digest: Bitcoin Struggles Near 116K as U.S. Tariffs Go Into Full Effect

Key Takeaways

Tariffs take effect: U.S. duties of 10% to 41% on imports from +50 trading partners came into effect, lifting the average rate to 18.3%, the highest since 1934.
India targeted: Tariffs on Indian goods were doubled to 50% over its continued purchases of Russian oil, prompting a Moody’s warning on growth and investment risks.
Putin talks in motion: Trump is moving to meet Russian President Vladimir Putin within days, with a possible follow-up session involving Ukrainian President Volodymyr Zelensky, potentially in the Middle East.
Bitcoin holds high ground: BTC edged up 0.71% to $116,684 following the rollout of U.S. tariffs.
Gold holds ground: Gold steadied at $3,393.27, as geopolitical uncertainty kept safe-haven demand intact.

Geopolitics & Market Sentiment

On August 8, markets showed mixed performance as Washington rolled out a wave of policy moves that deepened trade tensions while leaving the door open to potential diplomatic overtures.

President Trump’s sweeping tariffs, ranging from 10% to 41% on imports from more than 50 trading partners, went into effect, lifting the average U.S. tariff rate to 18.3%, the highest since 1934.

In addition to these broad measures, two days earlier, Trump doubled tariffs on Indian goods to 50%, intensifying pressure over India’s continued purchases of Russian oil. Moody’s warned that this increase could derail India’s manufacturing-driven growth strategy and shake foreign investor confidence.

On the internal front, Trump named crypto-friendly Stephen Miran, chair of the Council of Economic Advisers, as his choice to temporarily fill the Federal Reserve Board seat left vacant by Adriana Kugler’s early resignation.

The appointment, which would run until January 31, 2026 and requires Senate confirmation, gives Trump a short-term opportunity to influence interest-rate policy while keeping open his options for a permanent 14-year appointment when the seat reopens on February 1, 2026.

On the political front, U.S. President Donald Trump is moving ahead with plans to meet Russian President Vladimir Putin within days, officials in Washington and Europe said. The proposal under discussion is for a bilateral meeting, followed by a possible three-party session with Ukrainian President Volodymyr Zelensky.

Trump told European leaders he intended to see Putin in person before holding a trilateral meeting, and when asked if Putin needs to meet with Zelensky first, he said: “No. They would like to meet me, and I’ll do whatever I can to stop the killing.”

While no details have been confirmed, some reports suggest the meeting could take place in the Middle East.

Looking ahead, investors are turning their attention to the Federal Reserve’s next policy meeting on Sept. 16–17, where any signal on the path of interest rates could set the tone for markets into year-end.

Additionally, trade policy deadlines are also in focus. On Aug. 12, the White House is set to decide whether to extend the U.S.–China trade truce, followed by the Aug. 29 removal of the “de minimis” import rule — a policy that allows low-value goods to enter the United States without paying tariffs or duties.

The timetable wraps up on Sept. 29, when pharmaceutical companies face a deadline to commit to binding price cuts.

Global Indices

S&P 500 (SPX): $6,339.99 (-0.08%)
Dow Jones (DJI): $43,968.64 (-0.51%)
Nasdaq Composite (IIC): $21,242.70 (+0.35%)
Nikkei 225 Futures (NK2251!): $41,870.00 (+2.12%)
Euronext 100 (N100): $1,574.87 (+0.78%)
FTSE 100 (FTSE): $9,107.00 (+0.13%)

Cryptocurrencies

Bitcoin (BTCUSD): $116,684.00 (-0.71%)
Ethereum (ETHUSDT): $3,899.75 (-0.27%)
Binance Coin (BNBUSDT): $784.86 (-0.48%)
Solana (SOLUSDT): $174.70 (-0.38%)
BTC Dominance (BTC.D): 60.88% (-0.22%)

Commodities

Gold (XAUUSD): $3,393.27 (-0.19%)
Silver (XAGUSD): $38.224 (-0.07%)
WTI Crude (USOIL): $63.77 (-0.06%)
Brent Crude (BRENT): $68.166 (-3.68%)

Major Stocks

NVIDIA (NVDA): $180.77 (+0.75%)
Tesla (TSLA): $322.27 (+0.74%)
Microsoft (MSFT): $520.84 (-0.78%)
Meta (META): $761.83 (-1.32%)
Apple (AAPL): $220.03 (+3.18%)
Amazon (AMZN): $223.13 (+0.37%)

Forex

U.S. Dollar Index (DXY): $97.800 (+0.03%)
EUR/USD: $1.1645 (-0.16%)
GBP/USD: $1.3428 (-0.10%)
USD/JPY: $147.22 (+0.08%)