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Bitcoin remained largely unchanged on Thursday, even as global financial markets reacted negatively to Trump’s newly announced auto tariffs.
Bitcoin Price Movement
- BTC/USD: $87,315.20 (-0.2%)
While equities saw a broad sell-off, Bitcoin remained relatively stable, with traders weighing rising geopolitical uncertainty and potential spillover effects on risk assets.
Trump’s Tariffs Spark Market Jitters
On Wednesday, President Donald Trump announced a 25% tariff on all foreign-made cars and auto parts, effective April 2. This move aims to boost domestic manufacturing but has also raised fears of a global trade war.
As a result:
- The S&P 500 fell 1.1%, while the NASDAQ Composite dropped 2%.
- Gold prices surged, reflecting a flight to safe-haven assets.
Bitcoin, often dubbed “digital gold,” showed limited reaction, suggesting investors remain cautious ahead of further developments.
GameStop Shares Plunge After Bitcoin Treasury Move
GameStop Corp (NYSE:GME) shares dropped nearly 8% to $26.26 in after-hours trading, following the company’s announcement of a $1.3 billion convertible bond offering to finance Bitcoin acquisitions.
Earlier in the session, the stock had surged 11.7% to $28.36 after GameStop revealed plans to adopt Bitcoin as a treasury reserve asset.
The proposed 0% five-year convertible senior notes will be used for general corporate purposes, including Bitcoin purchases, the company stated.
Altcoins Decline as Market Awaits April 2 Tariffs
Most major altcoins mirrored Bitcoin’s muted performance, with a broad downturn across the crypto market.
- Ethereum (ETH): $2,025.96 (-1.6%)
- XRP: $2.3661 (-4%)
- Solana (SOL): -3%
- Cardano (ADA): -1.9%
- Polygon (MATIC): -1.6%
Meme tokens saw mixed performance:
- Dogecoin (DOGE) gained 1.8%
- $TRUMP token edged 0.3% higher
With U.S. reciprocal tariffs expected on April 2, crypto markets are likely to remain volatile in the coming weeks.
