Daily Market Update: US Imposes 50% Tariff on Canada as Crypto Rallies and Asian Stocks Fall

TLDR

• Bitcoin rose over 21% for the week, holding above $77,100 as traders await Fed Chair Kevin Warsh’s Jackson Hole speech
• XRP led crypto gains, up 46% on the week to just under $1.50
• The US imposed a 50% tariff on $20 billion of Canadian imports after trade talks collapsed
• Asian stocks fell, with Samsung down 8.7% and Alibaba dropping 9.6% after announcing a $10.2 billion share sale
• Minneapolis Fed President Neel Kashkari warned the Iran war is pushing energy prices up and keeping inflation above the 2% target

Bitcoin held above $77,100 on Monday, capping a week that saw it gain more than 21%. Traders are watching closely for signals from Federal Reserve Chair Kevin Warsh, who is making his debut at the Jackson Hole summit this week.

Jackson Hole is where the Fed chair traditionally hints at future interest rate policy. Lower rates tend to push investors toward riskier assets like crypto, while higher rates do the opposite.

XRP was the week’s top performer, climbing 46% to just under $1.50. Hyperliquid’s HYPE rose 35% on the week to $80. Dogecoin gained 30% to just above 9 cents, and Ether added nearly 28% to reach $2,442.

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