Bitcoin Stable Amid Global Market Downturn as Trump's Auto Tariffs Spark Concerns
Bitcoin Shows Resilience Amid Global Market Volatility
Bitcoin maintained its price around $87,293 on Thursday, despite a broader market downturn triggered by U.S. President Donald Trump's announcement of a 25% tariff on foreign-made cars and auto parts, set to take effect on April 2. The move has heightened fears of a global trade war, leading investors to adopt a risk-off approach, favoring safe-haven assets like gold over volatile cryptocurrencies.
GameStop's Bitcoin Bet Sparks Mixed Reactions
GameStop shares dropped nearly 8% in after-hours trading after the company revealed a $1.3 billion convertible bond offering aimed at financing Bitcoin purchases. While the announcement initially boosted the stock by 11.7%, the subsequent decline reflects investor caution. The move signals GameStop's strategic shift toward incorporating Bitcoin into its treasury reserves.
Institutional Investors Show Confidence in Bitcoin
Despite ongoing macroeconomic uncertainty, large investors, or "Bitcoin whales," have accumulated over 129,000 BTC (valued at $11.2 billion) since March 11, according to Glassnode data. This represents the highest accumulation rate since August 2024, indicating regained confidence in Bitcoin among major market participants.
Altcoins Reflect Mixed Sentiment
The broader crypto market showed mixed results, with most altcoins tracking Bitcoin's muted performance. Ethereum dipped 0.2% to $2,006.65, while XRP fell over 1%. Solana and Cardano saw gains of 0.9% and 0.8%, respectively, but Polygon declined 1.5%. Meme tokens also suffered, with Dogecoin and $TRUMP each dropping 2.8%.
The crypto market remains vulnerable to macroeconomic headwinds, but institutional buying activity suggests underlying optimism about Bitcoin's long-term prospects.
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