Bitcoin is leading a charge higher among cryptocurrencies, gaining more than 4% at last check. Gold and silver are rising, too, while equities are broadly lower along with Treasuries. The dollar is up a smidge.
Bitcoin is grabbing the spotlight this week, trading to a fresh all-time high yesterday...then following through with a move above $118,000 today. The benchmark cryptocurrency is up more than 26% year-to-date, rallying along with other alternative stores of value like gold and silver.
Bitcoin (BTC-USD, 1-Year Chart)
Source: Yahoo Finance
Corporate, individual, and institutional buyers are allocating more money to cryptocurrencies over time. Plus, Congress plans to focus on crypto legislation during its “Crypto Week” that starts July 14. That could help create more certainty about crypto regulation, fueling broader acceptance of digital assets.
In trade-related news, Canada became the latest nation to get threatened with heightened tariffs. President Trump said he’d slap 35% levies on Canadian imports starting Aug. 1. That’s higher than the current 25% rate, though it wouldn’t apply to goods that meet the old US-Mexico-Canada Agreement standards. Trump’s warning cited concerns over Fentanyl trafficking and Canadian dairy import restrictions, among other things. Still, the iShares MSCI Canada ETF (EWC) is up 15.1% in 2025.
The global oil markets could end up with a glut of supply, thanks to recent OPEC+ quota hikes and overproduction by Saudi Arabia. That country boosted output by 700,000 barrels per day in June during the Israel-Iran conflict, producing above its agreed-upon target. Plus, the overall group plans to boost official output by another 548,000 BPD in September.
At the same time, global demand could rise at the slowest pace in 16 years (outside of Covid-impacted 2020) in 2025. Crude oil prices are down about 6% year-to-date.
