Bitcoin Sees Muted Performance as GameStop Considers Crypto Investment

Bitcoin's Muted Performance

Bitcoin showed little movement on Friday, hovering around $96,636.0, and was on track for a subdued weekly performance. Investor appetite remained cautious due to concerns over U.S. trade tariffs and persistent inflation, limiting demand for cryptocurrencies.

GameStop's Potential Crypto Investment

GameStop, the meme stock phenomenon, is reportedly considering investing part of its $4.62 billion cash reserves into cryptocurrency. While this news boosted GameStop's shares, it did not significantly impact crypto prices. The company has previously ventured into crypto, including a short-lived NFT marketplace and crypto wallet services, but faced challenges due to regulatory uncertainty and market downturns.

Broader Crypto Market Trends

The broader crypto market saw mixed results on Friday. Ether declined 0.7% to $2,700.62, while XRP rose 3.8% to $2.5610. Meme coins like Dogecoin and $TRUMP saw gains, with the latter surging 8.5%. However, the crypto market largely missed out on the overnight rally in U.S. stocks, which was driven by relief over President Trump's delay in imposing reciprocal tariffs.

Impact of Tariffs and Inflation

Crypto prices were further pressured by higher-than-expected U.S. inflation data, which suggested that interest rates may remain steady. Additionally, President Trump's rhetoric on stricter tariffs and the imposition of 25% duties on steel and aluminum imports contributed to recent declines in crypto markets.

Overall, the crypto market remains cautious, influenced by macroeconomic uncertainties and regulatory developments.