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Bitcoin remained largely unchanged on Thursday as broader cryptocurrency markets stayed within tight ranges, with uncertainty around U.S. trade tariffs and growing economic concerns dampening investor appetite.
The world’s largest cryptocurrency gained just 0.3%, reaching $114,521.4 by 01:31 ET (05:31 GMT), but has largely remained stuck between $115,000 and $110,000 over the past week.
Bitcoin Weighed Down by Trade Tariff Concerns
U.S. President Donald Trump’s reciprocal trade tariffs, which took effect Thursday, are subjecting major global economies to levies ranging from 10% to 50%. Trump also introduced a 100% tariff on semiconductor imports, which is set to take effect in the coming weeks. These actions have raised concerns about the broader impact on global trade and economic activity, contributing to investor caution.
Despite some positive cues from sustained buying by corporate holders like Strategy (NASDAQ:MSTR) and Metaplanet Inc (TYO:3350), Bitcoin’s price has struggled to gain momentum after reaching record highs above $123,000 in mid-July. The cryptocurrency has been on a sustained downturn, reflecting broader market uncertainty.
Economic Growth Concerns Amplify Risk Aversion
The global economic outlook has been dimmed by weak U.S. payrolls data released last week, which showed lower-than-expected job growth and prompted fears of a slowdown in U.S. economic growth. While the weak jobs data fueled expectations for a Federal Reserve rate cut, it also heightened concerns over a cooling U.S. economy, adding to the risk-off sentiment in the markets.
Although Bitcoin and other cryptocurrencies don’t directly feel the impact of trade tariffs and slowing growth, their speculative nature makes them vulnerable to shifts in market sentiment. With risk appetite subdued, Bitcoin continues to experience limited upward movement, despite some buying activity from institutional investors.
Profit-Taking and ETF Outflows Weigh on Bitcoin
Recent profit-taking also played a role in Bitcoin’s price stagnation. Bitcoin spot ETFs saw four consecutive days of steady outflows, totaling nearly $1.5 billion, according to market data aggregator SoSoValue. While there was a slight inflow on Wednesday, it was minimal compared to the significant outflows earlier in the week.
Altcoins See Mild Gains, Still Rangebound
Broader cryptocurrency markets saw mild positive movement on Thursday, but they too remained within established trading ranges.
Ether, the second-largest cryptocurrency by market capitalization, rose by 1.6% to $3,688.75, while XRP gained 1.5% to $2.9951. Solana and Cardano also saw gains of around 2% each. Among meme tokens, Dogecoin added 2.5%, and $TRUMP rose 1.6%.
Despite these gains, the overall crypto market remains cautious, with most assets confined to narrow price ranges as investors await clearer direction amid global economic and trade uncertainties.
