Bitcoin rebounds above $79K after tariffs
- Bitcoin (CRYPTO:BTC) recovered above US$79,000 after briefly falling towards US$78,200 following Trump’s tariff threat.
- Trump said US tariffs on Canadian vehicles, parts and steel would rise to 50% from 1 January 2027.
- Bitcoin’s recovery came as US spot Bitcoin ETFs attracted about US$1.92 billion over five sessions.
Bitcoin (CRYPTO:BTC) recovered above US$79,000 after briefly falling towards US$78,200 following Trump’s tariff threat.
Trump said US tariffs on Canadian cars, trucks, parts and steel would rise to 50% from 1 January 2027.
“Build in the U.S. and there are ZERO TARIFFS,” Trump wrote in a 24 August Truth Social post.
The announcement followed failed US-Canada trade talks, while Canada plans retaliatory tariffs on selected US goods from 8 September.
Bitcoin later traded near US$79,300, up more than 2% over 24 hours, after reaching almost US$79,900.
Bitcoin had climbed from about US$62,679 on 17 August to nearly US$79,500 on 21 August, gaining almost 27%.
US spot Bitcoin ETFs attracted about US$1.92 billion across five sessions, while Treasury bond buybacks also supported the recent rally.
At the time of reporting, Bitcoin price was $79,776.01.
