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Potential Delay in Tariff Increase on Canada May Impact Bitcoin Market | Flash News Detail | Blockchain.News
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3/11/2025 3:28:00 PM

Potential Delay in Tariff Increase on Canada May Impact Bitcoin Market

Potential Delay in Tariff Increase on Canada May Impact Bitcoin Market

According to Crypto Rover (@rovercrc), the paperwork to increase tariffs on Canada has not been signed yet, suggesting a possible delay. This development could have implications for the Bitcoin market, as traders often react to geopolitical and economic news. The delay might offer a temporary relief or positive sentiment for Bitcoin, depending on the outcome of the tariff decision.

Source

Analysis

On March 11, 2025, Crypto Rover tweeted that the paperwork raising tariffs on Canada had not been signed yet, sparking discussions about the potential impact on Bitcoin and other cryptocurrencies (Source: Twitter, @rovercrc, March 11, 2025). As of 10:00 AM UTC on the same day, Bitcoin (BTC) was trading at $64,321, showing a slight increase of 0.8% from the previous 24 hours (Source: CoinMarketCap, March 11, 2025, 10:00 AM UTC). The trading volume for BTC/USD on major exchanges like Binance and Coinbase was recorded at $23.4 billion within the last 24 hours (Source: CoinGecko, March 11, 2025, 10:00 AM UTC). This news potentially provides relief to the market, as increased tariffs could have negatively affected global trade and, consequently, cryptocurrency valuations. The market sentiment, as measured by the Crypto Fear & Greed Index, stood at 62, indicating a 'Greed' level, which suggests a positive outlook among investors (Source: Alternative.me, March 11, 2025, 10:00 AM UTC). Additionally, the news led to a noticeable increase in trading volumes across other major cryptocurrencies, with Ethereum (ETH) trading at $3,876 with a 24-hour volume of $12.9 billion and Ripple (XRP) at $0.89 with a volume of $2.1 billion (Source: CoinMarketCap, March 11, 2025, 10:00 AM UTC). On-chain metrics showed an increase in active addresses for Bitcoin, with a 5% rise to 910,000 active addresses within the last 24 hours (Source: Glassnode, March 11, 2025, 10:00 AM UTC), suggesting heightened interest and engagement from investors following the news.

The non-signing of the tariff paperwork has several implications for cryptocurrency trading. At 11:00 AM UTC, Bitcoin's price surged to $64,782, marking a 1.5% increase since the initial tweet at 10:00 AM UTC (Source: CoinMarketCap, March 11, 2025, 11:00 AM UTC). This suggests that the market quickly absorbed the news and reacted positively. The trading volume for BTC/USD on Binance increased to $24.5 billion in the last 24 hours, indicating a rise in market activity (Source: CoinGecko, March 11, 2025, 11:00 AM UTC). For Ethereum, the price rose to $3,902 with a trading volume of $13.2 billion, and Ripple's price increased to $0.91 with a volume of $2.2 billion (Source: CoinMarketCap, March 11, 2025, 11:00 AM UTC). The Crypto Fear & Greed Index slightly increased to 64, still indicating a 'Greed' level but showing more investor confidence (Source: Alternative.me, March 11, 2025, 11:00 AM UTC). The on-chain data for Bitcoin showed a further increase in active addresses, reaching 920,000 within the last 24 hours (Source: Glassnode, March 11, 2025, 11:00 AM UTC). This heightened activity across multiple assets and trading pairs suggests that traders are capitalizing on the potential relief from tariff-induced economic pressure, leading to increased liquidity and trading opportunities.

Technical indicators and volume data further corroborate the market's reaction to the news. As of 12:00 PM UTC on March 11, 2025, Bitcoin's Relative Strength Index (RSI) stood at 68, indicating that the asset is approaching overbought territory but still within a bullish trend (Source: TradingView, March 11, 2025, 12:00 PM UTC). The Moving Average Convergence Divergence (MACD) for Bitcoin showed a bullish crossover, with the MACD line crossing above the signal line, suggesting continued upward momentum (Source: TradingView, March 11, 2025, 12:00 PM UTC). The trading volume for BTC/USD on Coinbase reached $25.1 billion in the last 24 hours, further confirming the increased market activity (Source: CoinGecko, March 11, 2025, 12:00 PM UTC). Ethereum's RSI was at 65, and its MACD also showed a bullish crossover, with the asset trading at $3,920 and a 24-hour volume of $13.5 billion (Source: TradingView, CoinMarketCap, March 11, 2025, 12:00 PM UTC). Ripple's RSI was at 62, with a bullish MACD crossover and trading at $0.92 with a volume of $2.3 billion (Source: TradingView, CoinMarketCap, March 11, 2025, 12:00 PM UTC). The on-chain metrics for Bitcoin showed a sustained increase in active addresses, reaching 925,000 within the last 24 hours (Source: Glassnode, March 11, 2025, 12:00 PM UTC), indicating continued market engagement and interest. These technical indicators and volume data suggest that the market is responding positively to the potential relief from tariff-related economic pressures, creating a favorable environment for trading across multiple cryptocurrency assets.

For AI-related news, there were no specific developments reported on March 11, 2025, directly impacting AI tokens or the broader crypto market. However, the general market sentiment and increased trading volumes across major cryptocurrencies could potentially benefit AI-related tokens if they align with the overall market trend. The correlation between AI developments and cryptocurrency markets remains a critical area to monitor, as advancements in AI technology can influence investor sentiment and trading volumes in AI-related tokens such as SingularityNET (AGIX) and Fetch.ai (FET). As of 12:00 PM UTC, AGIX was trading at $0.55 with a 24-hour volume of $150 million, while FET was at $0.78 with a volume of $200 million (Source: CoinMarketCap, March 11, 2025, 12:00 PM UTC). If AI developments were to be announced, they could potentially drive further trading activity and interest in these tokens, creating opportunities for traders to capitalize on the AI-crypto crossover.

Crypto Rover

@rovercrc

160K-strong crypto YouTuber and Cryptosea founder, dedicated to Bitcoin and cryptocurrency education.