After briefly falling to $86,000 on Sunday, bitcoin rose to an intraday high of $88,750 as of 10:15 a.m. EST on Jan. 26. This recovery has taken the total crypto market capitalization from $2.96 trillion back above the $3.05 trillion threshold.
Is Strategy Treasury Expansion Stabilizing Emotions?
On the afternoon of January 26, 2026, the crypto economy seemed unconcerned about President Donald Trump's threat to impose 100% tariffs on Canadian goods. The ultimatum followed reports that Canadian Prime Minister Mark Carney was in trade talks with Beijing, signaling a potential shift in North American trade dynamics.
Market data reveals that bitcoin successfully coped with a volatile market sell-off – when the asset briefly fell to $86,000 – and rose to an intraday high of $88,750 as of 10:15 EST.
Bitcoin's resilience coincided with news that Strategy added 2,932 coins to its balance sheet, bringing its total treasury holdings to 712,647 BTC. While similar corporate announcements sparked major rallies throughout much of 2025, their market-moving impact gradually faded. However, this news provided the psychological basis needed to alleviate the downward trend that dominated the markets after Trump's rhetoric against Canada.
The tariff threat emerged just days after a sharp exchange at the World Economic Forum in Switzerland. Carney had openly criticized the Trump administration's economic policies, prompting the US president to retaliate by withdrawing his invitation to Canada to his newly formed "Peace Board."
While the market dismissed the withdrawal of the invitation as a largely symbolic gesture, the threat of punitive tariffs on one of America's largest trading partners fueled fears of a resurgence of a high-risk trade war. Despite the tension, bitcoin's mini-rally has lifted total crypto market capitalization from a Jan. 25 low of $2.96 trillion back to over $3.05 trillion as of Monday afternoon.
Bitcoin's relatively static performance in 2026 contrasts sharply with the explosive growth of gold and silver. This divergence has emboldened gold advocates who argue that bitcoin cannot act as “digital gold” during a period of intense geopolitical instability.
Steve Hanke, a professor of applied economics at Johns Hopkins University, uses this performance gap to re-emphasize his long-standing criticisms. Using a comparative price chart, Hanke called the fact that bitcoin remains stagnant during a global crisis as definitive proof that the cryptocurrency is “fools' gold” with no underlying value.
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