Bitcoin Targets $120K as Stocks Tumble
2025-07-11 18:45:40
Main Idea
Bitcoin's price surged towards $120K while U.S. stocks declined following President Trump's tariff announcement on Canada.
Key Points
1. Bitcoin (BTC) peaked at $118,856.47 before settling around $117K, marking a 3.58% daily increase and an 8.94% weekly rise.
2. U.S. stocks (S&P, Nasdaq, Dow) fell by 0.33%, 0.08%, and 0.76% respectively amid Trump's trade tensions with Canada.
3. Trump imposed a 35% tariff on all Canadian goods entering the U.S., effective August 1, 2025, exacerbating existing trade tensions.
4. Bitcoin's 24-hour trading volume surged 86.52% to $124.87 billion, while its market cap rose 3.61% to $2.33 trillion.
5. BTC futures contracts increased by 0.84% to $84.23 billion, with open interest at $589.33 million.
Description
The leading cryptocurrency went within striking distance of $119K early Friday morning. Meanwhile, Trump’s saber-rattling left stocks floundering. BTC Marches Towards $120K While Equities Struggle U.S. President Donald Trump upped the ante on Thursday evening, issuing a sternly worded tariff letter to Canada declaring a 35% tax on all Canadian goods entering the U.S. Stock
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