Crypto Soars Amid Stock Market Slump: Bitcoin Hits Record Highs as Dow Tumbles

Hold onto your hats, folks! U.S. stocks took a nosedive on Friday, with the Dow Jones Industrial Average kicking off the day down a whopping 250 points. Why? Blame it on President Donald Trump's bombshell 35% tariff slap on Canada.

Just when you thought stocks couldn't climb any higher, bam! July 11 trading turned into a wild ride, all thanks to fears of a brewing trade war. The Dow plummeted 250 points, while the S&P 500 took a 0.5% hit, and the Nasdaq Composite shed 0.3%. Talk about a rollercoaster!

But guess what? Bitcoin (BTC) didn't get the memo. This crypto king defied gravity, soaring about 5% in just 24 hours to smash through a new all-time high above $118,000. Bitcoin's surge set off fireworks across the altcoin market, with Ethereum (ETH) blasting past the $3,000 mark. It's like the crypto world is on fire!

Bitcoin's rally didn't stop at the crypto charts; it even lifted crypto stocks. MicroStrategy (MSTR), Coinbase (COIN), and Robinhood (HOOD) all caught the wave in premarket trading. MSTR was up 2% when the U.S. stock market opened, while COIN and HOOD saw their premarket gains trimmed a bit. The crypto effect is real!

Stocks Hold Strong Despite Tariff Drama

Trump's 35% tariff on Canadian goods, set to hit in August, dropped like a bombshell on Thursday, just days after his latest threats.

"Starting August 1, 2025, we will charge Canada a Tariff of 35% on Canadian products sent into the United States, separate from all Sectoral Tariffs," Trump declared on Truth Social. Mic drop!

But wait, there's more! Earlier in the week, he threw a 50% duty rate at Brazil. And if that's not enough, he's talking about another 15% to 20% blanket tariffs on many U.S. trading partners. Yet, somehow, stocks are still hanging tough near their all-time highs.

"I think the tariffs have been very well-received. The stock market hit a new high today," Trump boasted during an NBC News interview. Confidence or chaos?

But hold up—don't get too comfy. If trade wars flare up, that investor optimism could vanish faster than you can say "BRICS." China's already sounding the alarm as Trump threatens to hit the emerging market economics bloc hard.

Brazil, Russia, India, China, and South Africa started the BRICS party, but now Saudi Arabia, Egypt, and the United Arab Emirates have joined the crew. It's a global showdown, and everyone's watching!