Canada had enough of Trump’s tariff slams this week and didn’t keep quiet. “We will match US tariffs dollar-for-dollar”, Canadian Prime Minister Mark Carney announced after trade talks with Washington fell apart. Trump had earlier announced a 50% tariff on roughly $20 to $28 billion worth of Canadian goods (including steel, aluminium, and automotive products), citing long-standing trade grievances. Canada has simply come out to say “we’re done absorbing this pressure quietly and acting like all is well”.
Major markets like gold, oil, the S&P 500, and crypto barely reacted to the clash, which isn’t too strange, since it’s simply a rift between two neighbours. But this may not hold for too long because Canada’s move may just be a motivation for other countries that have been quietly absorbing Trump’s tariffs to start reacting rather than staying quiet. If that begins to happen, then markets certainly won’t remain spared for long, and the impact will be felt.
Arthur Hayes came out this week saying Bitcoin has entered a new bull market. He’s pointing to US debt management decisions he believes are quietly pumping dollar liquidity into the system. Hayes has made macro-driven Bitcoin calls before and been right. He might be early this time, but the argument deserves a read.
Revolut launched EURR this week, its first euro-backed stablecoin. Revolut has 50 million users across Europe, and a stablecoin built into an app that many of them already use for everyday banking makes it easier than having to download new wallets. Also, its timing, as MiCA reshapes the European crypto space, is deliberate.
A few other stories worth your attention this week:
- Binance added DJTB, a tokenized Trump Media security, as eligible margin collateral for qualified traders. A “political brand” is now accepted collateral on a major crypto exchange. That sentence would have sounded absurd two years ago.
- City Protocol raised $11 million to build blockchain infrastructure for structured investment products. Early stage, but worth keeping an eye on as institutional on-chain activity picks up.
- Salus linked the August 13 theft of $550,000 in USDC from a Hyperliquid user to phishing infrastructure tied to Inferno Drainer. The toolkit has been responsible for hundreds of millions in losses. It’s not looking like it’s going anywhere.
In AI, Bill Gates is trying to get a meeting with Xi Jinping to talk about keeping dangerous AI applications in check. The US and China aren’t exactly on speaking terms right now, so Gates is doing what governments apparently can’t, picking up the phone.
This week had no shortage of storylines. If you missed anything, here’s your catch-up.
Lead Story of the Week:
Canada Hits Back at Trump: Why Are Markets Still Ignoring the Trade War? (Read More)
Canada PM Mark Carney announces dollar-for-dollar retaliatory tariffs on US goods after trade talks with Washington collapse. (Read The Full Story)
Market Highlights
- Arthur Hayes Says Bitcoin Bull Market Is Back
BitMEX co-founder Arthur Hayes says Bitcoin has entered a new bull market as US debt management boosts dollar liquidity. (Read More)
- Binance Adds Trump Media Token to Margin Collateral
Binance adds DJTB, a tokenized Trump Media security, as margin collateral, for qualified traders to support leveraged positions. (Read More)
- City Protocol Raises $11M for On-Chain Products
City Protocol raises $11M to build blockchain infrastructure for structured investment products, the company announced August 26. (Read More)
- Salus Links $550K Hyperliquid Theft to Inferno Drainer
Salus linked the Aug. 13 theft of $550,000 USDC from a Hyperliquid user to phishing infrastructure tied to Inferno Drainer. (Read More)
Latest News For You
Revolut Launches EURR as Its First Euro-Backed Stablecoin (Read More)
Revolut launches EURR, its first euro-backed stablecoin, enabling eligible users to move euros and crypto on-chain. (Read Full Story)
AI News Highlights
- Bill Gates Says Governments Need To Manage the Impact of AI
Bill Gates is seeking a meeting with Xi Jinping to discuss global measures for controlling dangerous AI applications. (Read More)
- Singapore Employers Slow Hiring as AI Changes Job Needs
Singapore employers are cautious about hiring as businesses reassess how much they need to spend on people, technology and skills. (Read More)
Market Movers
Top Gainers 📈
- Bitlayer (BTR) +516.47%
Bitlayer (BTR) is rising due to heavy speculative trading, surging volume, and momentum-driven spot buying.
Top Losers 📉
- Velvet (VELVET) −86.14%
Velvet (VELVET) is dipping due to a sharp drop in leveraged positions, heavy liquidations, and profit-taking following its prior rallies.
Source: CoinGecko
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Disclaimer: This roundup is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence
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