Daily Market Update: US Imposes 50% Tariff on Canada as Crypto Rallies and Asian Stocks Fall

TLDR

• Bitcoin rose over 21% for the week, holding above $77,100 as traders await Fed Chair Kevin Warsh’s Jackson Hole speech
• XRP led crypto gains, up 46% on the week to just under $1.50
• The US imposed a 50% tariff on $20 billion of Canadian imports after trade talks collapsed
• Asian stocks fell, with Samsung down 8.7% and Alibaba dropping 9.6% after announcing a $10.2 billion share sale
• Minneapolis Fed President Neel Kashkari warned the Iran war is pushing energy prices up and keeping inflation above the 2% target

Bitcoin held above $77,100 on Monday, capping a week that saw it gain more than 21%. Traders are watching closely for signals from Federal Reserve Chair Kevin Warsh, who is making his debut at the Jackson Hole summit this week.

Jackson Hole is where the Fed chair traditionally hints at future interest rate policy. Lower rates tend to push investors toward riskier assets like crypto, while higher rates do the opposite.

XRP was the week’s top performer, climbing 46% to just under $1.50. Hyperliquid’s HYPE rose 35% on the week to $80. Dogecoin gained 30% to just above 9 cents, and Ether added nearly 28% to reach $2,442.

Solana was up 24% on the week despite slipping on Monday to $94. BNB gained 15% to $697, while Tron lagged the group with a 3.4% weekly gain.

Asian Stocks Slip as Samsung and Alibaba Fall

While crypto rallied, Asian equities moved in the opposite direction. Samsung Electronics dropped 8.7% in Seoul after investors were let down by its plan to return up to $80 billion to shareholders.

Alibaba fell 9.6% in Hong Kong after announcing plans to raise around $10.2 billion through a share sale, which investors saw as a sign the company’s AI spending may not yet be delivering returns.

SoftBank also slipped 4.9% in Tokyo after announcing a record bond offering worth 1 trillion yen.

US Tariffs on Canada Rattle Markets

On the trade front, the US placed a 50% tariff on roughly $20 billion worth of Canadian imports after talks broke down late Friday. The goods affected include dairy, liquor, plywood, and clothing.

🇺🇸🇨🇦 Trump goes full nuclear in Canada tariff war

Writer: Ian pic.twitter.com/8t9rRQBUqi

— Mario Nawfal (@MarioNawfal) August 23, 2026

Canadian Prime Minister Mark Carney called it an “attack” and vowed to match the tariff dollar for dollar starting September 8.

Minneapolis Fed President Neel Kashkari said the ongoing US-Iran conflict is pushing energy prices higher and keeping inflation elevated. July’s consumer price index came in at 3.4%, above the Fed’s 2% target.

Brent crude rose 6.63% last week to $94.39 a barrel. The average US gasoline price hit $4.10 a gallon, up from $3.15 a year ago.

US stock indexes all fell last week. The Dow dropped 0.85%, the S&P 500 fell 1.4%, and the Nasdaq slid 2.1%.

Nvidia reports earnings this week. The chipmaker supplies hardware for most major AI projects, making its quarterly forecast a key data point for tech investors.

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