Bitcoin soars to all-time peak just shy of $112,000
It touched a record peak of $111,988.90 and was last up 0.4% at $111,259. Since the beginning of the year, bitcoin has advanced more than 18%.
'Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size,' wrote Anthony Pompliano, founder and CEO of Professional Capital Management in a letter to investors on Wednesday.
'There were few sophisticated capital allocators who could gain exposure when bitcoin was $100-200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.'
The Trump administration's crypto-friendly policies have bolstered digital assets overall, opening pools of capital to the sector.
For instance, Trump Media & Technology Group, run by the U.S. president's family, is looking to launch an exchange-traded fund that will invest in multiple crypto tokens, including bitcoin, ether, solana and ripple, according to a filing with the U.S. markets regulator on Tuesday.
Bitcoin's rally also spread to other cryptocurrencies.
Ether, the second-largest digital currency in terms of market capitalization, also rallied, hitting a one-month high of $2,794.95. It last traded up 5.4% at $2,740.99.
Other crypto-related stocks also gained. Strategy, co-founded by the leading voice in the bitcoin treasury movement Michael Saylor, rose 4.7% to $415.41, while Coinbase Global advanced 5.4% to $373.85.
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Business Standard
an hour ago
- Business Standard
US-India trade deal may cap tariffs below 20% as both sides continue talks
The US is in talks with India to finalise an interim trade agreement that could bring down proposed tariff rates to below 20 per cent, Bloomberg reported. This puts India in a better position compared to several of its regional peers who are facing higher levies. Unlike many other countries that received official tariff demand letters this week, India does not expect one. Instead, the agreement is likely to be announced through a joint statement, the report said. This interim deal is expected to create room for further negotiations, giving New Delhi time to settle pending issues before a more comprehensive agreement is announced later this year, Bloomberg reported. Tariff may be set below 20% The joint statement may fix a base tariff level of under 20 per cent — down from the initially proposed 26 per cent. The language of the statement is expected to keep the door open for continued talks on the final tariff rates. While the exact timeline of the interim deal remains uncertain, such a development would put India among a small group of nations that have reached trade understandings with the Trump administration, Bloomberg reported. India seeks better terms than Vietnam President Donald Trump has announced tariffs of up to 50 per cent for many countries, ahead of an August 1 deadline. In contrast, India is aiming to negotiate better terms than those given to Vietnam, which agreed to a 20 per cent duty rate but is now trying to lower it. So far, the UK and Vietnam are the only countries Trump has named as having trade deals in place. In an interview with NBC News on Thursday, Trump said he is considering "blanket tariffs" of 15 per cent to 20 per cent on most trading partners who have not yet been notified of their rates. At present, the global base rate for US tariffs on most countries is 10 per cent. So far, Asian countries have seen a wide range of announced tariffs — from 20 per cent for Vietnam and the Philippines to 40 per cent for nations like Laos and Myanmar. India pushes for concessions, but challenges remain India was among the first countries to approach Washington for trade talks this year. Although Trump recently said that a deal with India is 'close', he also warned of additional tariffs, pointing to India's role in the Brics alliance. A delegation of Indian negotiators is expected to travel to Washington soon to continue discussions. According to earlier reports by Bloomberg News, India has already made its best possible offer and has outlined clear boundaries on issues it is not willing to compromise on. Key sticking points still unresolved However, some difficult issues still remain. One major sticking point is the US demand that India open its markets to genetically modified (GM) crops — a request New Delhi has resisted, citing the potential risks to Indian farmers.
India Today
an hour ago
- India Today
Will India be hit with a 500% tariff? Here's what we know
India has not yet been able to finalise a trade deal with the United States, even as the deadline for a new wave of tariffs set by President Donald Trump draws to a government official quoted by Reuters, a delegation from India is expected to visit Washington soon in a fresh attempt to break the deadlock over duties on auto components, steel, and farm products. These items have emerged as key sticking points in what has become a long and complex trade remains one of the few countries still in talks with the US at a time when the Trump administration is preparing to enforce steep new tariffs on imports from several nations starting August this year, a team of Indian officials travelled to the US for trade talks, but the visit ended without a breakthrough. Disagreements remained on sensitive areas like market access for American agricultural products and tariff reductions on high-value industrial COUNTRIES RECEIVE TARIFF LETTERS, INDIA STILL WAITINGMeanwhile, at least 14 other countries have already received formal letters from the US, notifying them of upcoming tariffs ranging from 25% to 40%. India has not received such a letter yet, an indication that negotiations are still alive, but time is running to the pressure is a bill that could bring even more drastic consequences for Indian Sanctioning Russia Act of 2025, a bipartisan bill introduced by Senators Lindsey Graham and Richard Blumenthal, aims to punish countries that continue to buy Russian oil and other energy products. The bill targets major importers like India and China and includes provisions for tariffs as high as 500%.While no such tariff has been imposed yet, the threat has created fresh concerns in New Delhi.'I'm looking. It's totally my option. They pass it totally at my option, and to terminate totally at my option. And I'm looking at it very strongly,' Trump told reporters during a Cabinet Bandyopadhyay, economist at Infomerics Valuation and Ratings, said the impact could be severe if such measures are put into effect.'The 500% tariff is an extreme step and its imposition will depend on the outcome of diplomatic discussions and trade talks. India's stance has been clear, our oil purchases are based on national energy security. These are long-term decisions made in the interest of the economy,' Bandyopadhyay added that India should strongly highlight these concerns during negotiations. 'The US itself continues to rely on Russian uranium for its nuclear plants. India must bring such facts to the table to argue for a more balanced approach.'EXPORT SECTORS AT RISK IF TALKS FAILBeyond the Russia-related concerns, Bandyopadhyay pointed out that failure to reach a broader trade agreement could put several key Indian sectors at risk. 'Exports of gems and jewellery, marine products, pharmaceuticals, electronics, and steel, all heavily dependent on the US market, could suffer significant losses,' he warned. 'If tariffs are reinstated or raised, Indian exporters could face losses of $7–10 billion.'Despite the challenges, there may still be a path forward. According to a Bloomberg report, the US is reportedly nearing an interim trade deal with India. If finalised, this deal could result in proposed tariffs being capped below 20%, a huge improvement compared to the sweeping hikes other countries are the deal goes through, India would become one of the few countries to receive trade concessions from the United States, even as Trump increases tariff pressure on many countries in Asia, the new tariffs already declared range between 20% for Vietnam and the Philippines and up to 40% for Laos and said that India has already made a generous offer in its talks with Washington.'India has proposed reducing the tariff gap with the US from 13% to below 4%. This includes zero tariffs on 60% of US imports and preferential access for 90% of American goods,' he return, India is seeking relief from proposed duties and better access for its labour-intensive exports such as textiles, shrimp, bananas, and grapes. But deep differences remain, especially in the agriculture and dairy sectors. The US has demanded lower tariffs on apples, nuts, and genetically modified crops, which India is hesitant to allow due to concerns from small farmers and political opposition at home.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by expert in this article are their own and do not reflect the views of the India Today Group.)- EndsTune InMust Watch
Economic Times
2 hours ago
- Economic Times
Battle-hardened Wall Street bulls are proving very hard to scare
Wall Street's tolerance for shock is becoming heroic. ADVERTISEMENT First came the inflation angst, then the tariff crash, then the war in the Middle East. At this point, it's hard to imagine what could still rattle the investor class. Speculative spirits were on display again this week, even as President Donald Trump escalated threats against major trading partners, including a 35% tariff on Canadian goods and a 50% levy on copper. Bitcoin surged past $118,000, bond volatility fizzled, stocks held near records and retail traders unleashed risky wagers anew. It's a form of investor resilience, built by facing down threats and emerging stronger — where even the prospect of a renewed US-led trade conflict gets brushed aside, in favor of bullish bets across the board. JPMorgan Chase & Co. CEO Jamie Dimon has a different word for it: complacency. But for traders sitting on fattening profits in crypto, tech, leveraged ETFs, commodities and beyond, it's feeling like vindication. 'We absolutely believe the recent bullish price action in risk assets makes sense,' said Max Kettner, chief multi-asset strategist at HSBC. 'Bear in mind this is no longer just equities but spreading across virtually all risk assets. So if anything, we'd argue investors are once again under-exposed and continue to fight the rally.' ADVERTISEMENT Traders are getting harder to frighten even as measures that presaged past market stress climb. A global trade policy uncertainty index tracked by Bloomberg is rising, just as it did in the months before April's global market meltdown. The S&P 500 closed Friday marginally below its record. Risk premiums tracking US corporate bonds hovered around their lowest level of the year. Bitcoin exchange-traded funds continued to see inflows. Volatility receded, with a gauge of US Treasury swings hitting its lowest level in nearly 3 1/2 years as measures of stocks. Oil and gold turbulence remained subdued. ADVERTISEMENT And yet, Trump warned this week that new and higher rates will kick in Aug. 1, unless countries negotiate better terms. The announcement of a 35% tariff on some Canadian goods came the same day the S&P 500 hit its all-time high.'The market has consistently shrugged off any issues, including tariffs, and even the brief conflict between Israel and Iran,' said Josh Kutin, head of multi-asset solutions, North America at Columbia Threadneedle Investments. 'If the market is not overall responding negatively to any of those issues, I have a hard time seeing how that happens in the near-term.' ADVERTISEMENT Kutin says the administration's habit of backing off when markets react badly to trade policies keeps him calm — and on the lookout for tactical opportunities to add equity exposure. Indicators across several portfolios continue to flash bullish signals, he says, driven by strong momentum and relatively low volatility. And while acknowledging the current state can feel 'toppy,' he believes the rally has room to run. The view reflects an increasingly common bet across Wall Street, known as the 'TACO' trade, for Trump Always Chickens Out. The wager is that either the administration will walk back its tariff threats, or the upshot of the offensive simply won't be enough to derail the expanding US economy. Whatever the reasoning, bullishness is prevailing. ADVERTISEMENT Trump took to social media this week to celebrate record highs in tech and industrial stocks, as well as an unstoppable crypto runup that sent Bitcoin soaring to $118,000. That market confidence — forged in an environment that has repeatedly punished skeptics — has made some investment pros queasy.'People are getting a little bit too comfortable with this idea that Trump's always going to back down,' said David Lebovitz, the global strategist of multi-asset solutions at JPMorgan Asset Management. 'We've gone from a world where nobody knew anything to everybody knows something. It's almost like the market's going to go through this stress test where they see how far they can push it until they begin to see those cracks.'Complacency was also invoked by his boss, JPMorgan's Dimon, as stocks hit record highs amid the deluge of tariff news this week. He said a trade framework with Europe still 'needs to get done,' and that the Federal Reserve is far more likely to raise interest rates than is generally believed in markets.'The rally has gone way too far,' said Kristina Hooper, chief market strategist at Man Group. 'The tariff situation is far from resolved. It's absolutely difficult for investors to model this out, so it's easier to ignore it than think about the consequences.'Hooper advises reallocating to equity markets that offer better diversification and more attractive valuations — including Europe, the UK and even China.'I'm a sober realist,' Hooper said. 'We have valuations that are at historically high levels. And so when stocks are priced at a near perfection, it's a lot easier for disappointment to occur.'Despite concerns over potentially stretched valuations and mixed economic signals, bulls say it's a mistake to get in the way of markets rolling with this much momentum. Kettner, for his part, believes the US exceptionalism will continue as he ratchets up HSBC's overweight, particularly to US equities. This week's erratic tariff announcements may end up being a bullish catalyst if walked back, he says. With a weaker dollar and lowered earnings expectations, the upcoming reporting season could provide further support for equities. 'We also strongly disagree with the idea of complacency,' he said. 'Equities and risk assets are well positioned to climb the wall of worries further in the coming weeks.'
