Market Digest: BTC Steady at $108,500 as Trade Tensions Disrupt Markets

Key Takeaways

Bitcoin (BTC) held steady around $108,500 as global risk sentiment cooled.
Gold edged lower despite rising geopolitical tensions and renewed safe-haven demand, weighed down by stronger economic data.
Trump’s tariff push rattled markets, raising concerns over a new wave of trade disruption.

On July 9, markets were caught between escalating trade tensions and stronger-than-expected economic data that complicated the scene.

President Donald Trump proposed sweeping new tariffs that would hit a wide range of U.S. trading partners, including Japan, South Korea, and the European Union. He also called for a 50% tariff on copper imports, threatened a 200% tariff on pharmaceuticals, and warned earlier of sanctions on countries buying Russian oil if Moscow fails to meet diplomatic conditions by August.

The aggressive tone raised fears of a new round of trade disputes, just as global growth shows signs of cooling. Investors reacted cautiously, with the Dow Jones Industrial Average and the S&P 500 dipping slightly.

Meanwhile, U.S. labor market data released last week showed unexpected strength, adding to the uncertainty. Employers added 147,000 jobs in June, above economists’ forecasts. The unemployment rate fell to 4.1%, and while some underlying indicators suggested uneven momentum, the report was strong enough to push up bond yields and support the dollar.

Adding to the fire, Trump sharply criticized Vladimir Putin over the war in Ukraine and approved sending additional defensive weapons to Kyiv. “I’m not happy with Putin,” he said during a cabinet meeting, raising anxieties over a renewed phase of the conflict.

Global Indices

S&P 500 (SPX): 6,225.51 (-0.07%)
Dow Jones Industrial Average (DJI): 44,240.76 (-0.37%)
Nasdaq Composite (IXIC): 20,418.46 (+0.03%)
Nikkei 225 (NK2251!): 39,770.0 (-0.13%)
Euronext 100 (N100-D): 1,584.35 (+0.50%)
FTSE 100 (FTSE): 8,865.8 (-0.01%)

Cryptocurrencies

Bitcoin (BTCUSD): $108,718 (-0.19%)
Ethereum (ETHUSDT): $2,600.86 (-0.55%)
Solana (SOL): $163.35 (-1.88%)
Binance Coin (BNBUSDT): $661.85 (+0.18%)

Commodities

Gold (GOLD): $3,296.17 (-0.16%)
Silver (SILVER): $36.58 (-0.42%)
WTI Crude Oil (USOIL): $68.16 (+0.04%)
Brent Crude (BRENT3!): $68.05 (-0.52%)

Individual Stocks

NVIDIA (NVDA): $160.00 (+1.11%)
Tesla (TSLA): $297.81 (+1.32%)
Microsoft (MSFT): $496.62 (-0.22%)
Meta Platforms (META): $720.67 (+0.32%)
Apple (AAPL): $210.01 (+0.03%)
Amazon (AMZN): $219.36 (-1.84%)

Forex

U.S. Dollar Index (DXY): 97.57 (+0.07%)
EUR/USD: 1.1702 (-0.13%)
GBP/USD: 1.3582 (+0.01%)
USD/JPY: 147.097 (+0.38%)

Market Wrap-Up

Markets struggled for direction on Wednesday as renewed trade threats from Donald Trump and lingering geopolitical concerns weighed on sentiment.

U.S. stocks closed slightly lower, with investors digesting strong job data that complicated the case for near-term rate cuts.

Meanwhile, gold edged lower despite the uncertainty, while Bitcoin (BTC) showed resilience, holding steady around $108,500.