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Business Insider
an hour ago
- Business Insider
Bitcoin (BTC) Nears All-Time High Amid Crypto Resurgence
Bitcoin (BTC) is trading at $108,780 and close to reaching an all-time high amid a resurgence in cryptocurrencies. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. The rise in Bitcoin, which trades around the clock, comes with the benchmark S&P 500 index at a record high as investors continue to pile into risk assets such as stocks and crypto. At just under $109,000, Bitcoin, which is the largest cryptocurrency by market capitalization, is trading less than 3% below the peak it reached in May of this year. Analysts expect to see new highs in Bitcoin in the coming weeks as the rally in U.S. markets gathers strength and shows no signs of abating. Some on Wall Street note that the U.S. money supply has recently climbed to a record $21.9 trillion, and that the surge in liquidity means potentially more money flowing into financial assets such as Bitcoin and other crypto. Historic July Historically, July has been a strong month for Bitcoin, with the digital token averaging gains of around 7%, adding a seasonal tailwind to its current rally. Investors also appear to have more confidence in digital assets as U.S. President Donald Trump makes good on his promise to make America the ' crypto capital of the planet.' BTC is up a total of 17% this year. Cryptocurrencies had been trading sideways in June but appear to now be breaking out as we enter July. Other popular cryptocurrencies, such as Ethereum (ETH) and Dogecoin (DOGE), are also breaking out and seeing their prices rise sharply. Is BTC a Buy? three-month performance. As one can see in the chart below, the price of BTC has risen 38.11% in the last 12 weeks.
CNBC
2 hours ago
- CNBC
Stock futures fall after Trump says tariffs to go into effect Aug. 1, not July 9: Live updates
Traders work at the New York Stock Exchange on July 2, 2025. NYSE U.S. stock futures fell on Sunday after President Donald Trump confirmed that tariffs are set to go into effect Aug. 1, not July 9. Dow Jones Industrial Average futures slid by 110 points, or 0.3%. S&P 500 and Nasdaq 100 futures dipped 0.3% and 0.3%, respectively. Trump and Commerce Secretary Howard Lutnick were asked to clarify when tariffs are set to go into effect. In response, Lutnick said, "Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now," a statement to which Trump assented. Investors had been expecting tariff rates to go into effect this week. Trump's initial 90-day reprieve on the April "reciprocal" tariffs for most U.S. trading partners was set to end Tuesday. Meanwhile, the deadline for the U.S. to reach an agreement with the European Union before EU goods are hit with duties of up to 50% was on Wednesday. Wall Street is coming off a winning week, with the S&P 500 and Nasdaq Composite closing at all-time highs Friday in part because of confidence the Trump administration will not implement the most severe tariffs it announced back in April. In recent days, the White House had called the July trade deadlines "not critical." "Ultimately, trade negotiations usually take a long time to negotiate; free trade arrangements the US negotiated have taken an average of 3 years," Rajeev Sibal, senior global economist at Morgan Stanley, wrote last week. "While the negotiations that are currently taking place are likely to be narrower than a full fledged free trade agreement, the historical precedent remains informative." Investors worry that an equity market at all-time highs could get more choppy as trade updates come out of the White House, especially if the negotiations result in higher tariffs than is consensus. But others remain confident the stock market rally can continue, betting that companies in the upcoming earnings season will be able to clear low expectations if they demonstrate an ability to navigate tariffs. "I agree with anybody who says that, 'Look, we've reshaped some of the economic flows around tariffs,' but that's an upside story because if it plays out better, that's an earnings surprise," Tom Lee, head of research at Fundstrat Global Advisors, told CNBC's "Closing Bell" on Thursday. He added: "This is the most hated V-shaped rally." Thus far, the U.S. has reached a deal with just a few countries. In May, the U.S. came to an agreement with the United Kingdom to keep a 10% rate. Last week, it struck a deal with Vietnam, reducing levies on many goods to 20% from 46%. — CNBC's Erin Doherty contributed to this report.
Hamilton Spectator
2 hours ago
- Hamilton Spectator
Want to invest but need ready access to cash? A TFSA might be your best bet — but there are rules
Looking for an investment vehicle flexible enough to get your hands on your money quickly? A tax-free savings account might just be the answer. But experts warn there are mistakes you need to avoid to steer clear of penalties. A common gaffe is accidentally over-contributing to your TFSA, says Jason Heath, managing director at Objective Financial Partners in Toronto. The TFSA annual limit for 2025 is $7,000. If you've never contributed to a TFSA before and turned 18 before 2009, you would have a maximum lifetime TFSA contribution of $102,000 as of Jan. 1, 2025. Over-contributions are subject to a one per cent penalty for every month the excess amount remains in your TFSA. The CRA tracks your TFSA contributions across institutions and updates your contribution limit in the first few months of every calendar year. While the CRA had some issues with their TFSA reporting this year, Heath says the agency's reporting is generally reliable. 'Be careful about taking withdrawals and then contributing in the same year, especially using the TFSA like a savings account,' says Heath. When you withdraw from your TFSA, you regain your contribution room — but not until the following January. For example, if you withdrew $1,000 from your TFSA in March 2025, that additional $1,000 in contribution room will not be applied to your TFSA until January 2026. You can also accidentally overcontribute when transferring a TFSA from one financial institution to another, specifically by liquidating the funds and then recontributing them yourself, says Aldo Lopez-Gil, a Toronto-based financial adviser with Edward Jones. While it's true that you can choose what you put in your TFSA — ETFs, GICs, stocks, bonds and cash — and withdraw it tax-free, there are exceptions. For instance, U.S. stocks that pay out dividends in your TFSA are typically subject to a 15 per cent non-resident withholding tax, points out Lopez-Gil. For investors who want to be strategic, Lopez-Gil says it's usually more favourable to hold a U.S. stock in an RRSP, where it won't be subject to the withholding tax. That said, Heath points out that the withholding tax alone isn't a reason to exclude U.S. stocks from your TFSA. The dividend yield for the S&P 500 is about 1.3 per cent, so a 15 per cent withholding tax amounts to a mere one-third of a per cent, he points out. ' Sometimes there's a small cost to a potential benefit.' One of the main advantages of a TFSA is that any interest, dividends and capital gains earned in your TFSA can grow tax-free. Sometimes TFSAs are marketed as savings accounts, offering promotional rates to customers, points out Lopez-Gil. 'Bank-branch advisers are limited to bank-branded mutual funds, GICs or savings accounts as TFSA investments. A frequent road tripper and financial planner points to credit card offers, loyalty programs and For this reason, people may miss out on investing the assets in the TFSAs in stocks, bonds and ETFs, which are investment vehicles that tend to have higher growth opportunity.' At the same time, be careful about investing in an 'overly speculative fashion,' says Heath. 'Obviously, you want to earn high returns, and a tax-free environment is good for that. But if you're taking risks and you lose money, that's not good either because you don't get that TFSA room back.' 'If you lose $10,000 in a TFSA, that $10,000 is gone forever.'
