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Bitcoin (BTC-USD) hits all-time high of $117K as crypto rally gains momentum. (00:21) DOJ clears path for T-Mobile’s (TMUS) $4.4B acquisition of UScellular assets, closes antitrust probe. (01:16) Trump slaps 35% levy on Canada, warns further hikes if Ottawa retaliates. (02:57)
This is an abridged transcript.
Bitcoin (BTC-USD) surged to a new all-time high on Friday, fueled by growing institutional interest and supportive signals from the Trump administration.
The world’s largest cryptocurrency by market cap climbed to a peak of $117,787.70 during the Asian trading session on Friday. Ether (ETH-USD), the world’s second-largest cryptocurrency, rose 2.3% to $3,019.08.
Other notable crypto gainers included Celestia (TIA-USD) +4.7%, Uniswap (UNI-USD) +5.5%, Avalanche (AVAX-USD) +2.4%, and Dogecoin USD (DOGE-USD) +2.8%.
The rally marks a nearly 26% gain for bitcoin (BTC-USD) so far this year, as investors respond to renewed optimism around regulatory clarity and digital asset adoption.
The U.S. Department of Justice’s Antitrust Division said Thursday that it is closing its investigation and will not move to block plans for T-Mobile (NASDAQ:TMUS) to acquire UScellular.
The deal was originally announced in May 2024.
The announcement comes just one day after T-Mobile US revealed it would be discontinuing its diversity, equity, and inclusion programs, following pressure from the Trump administration as the company pursued regulatory approval for the UScellular deal and sought FCC clearance for a joint venture to acquire internet service provider Metronet.
Gail Slater, head of the Justice Department’s antitrust division, said in a statement that customers would be better off with T-Mobile.
U.S. President Donald Trump announced a 35% tariff on Canada and warned about further hikes if Ottawa decides to retaliate. These tariffs were addressed in a letter to Canadian Prime Minister Mark Carney and shared on Truth Social. The measure will take effect on August 1, according to a letter posted on Thursday.
The 35% duty is a setback for Carney, who was trying to reach a trade agreement with Washington, and it is more than the 25% levy that Trump had previously imposed on Canada.
“Instead of working with the United States, Canada retaliated with its own Tariffs,” Trump wrote in a letter. “There will be no Tariff if Canada, or companies within your Country, decide to build or manufacture product within the United States,” he added.
Some carve-outs are expected, particularly for energy, fertilizer, and goods covered under the United States-Mexico-Canada Agreement (USMCA), though full details are pending.
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Catalyst watch:
Dow, S&P and Nasdaq futures are in the red. Crude oil is up 0.3% at $66/barrel. Bitcoin is up 2.3% at $118,000. Gold is up 0.3% at $3,334.
The FTSE 100 is down 0.4% and the DAX is down 0.8%.
The biggest movers for the day premarket: Levi Strauss (LEVI) +7% – Shares rallied after a strong Q2 beat and a raised FY2025 outlook.
On today’s economic calendar:
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