Investing.com-- Bitcoin was flat Thursday amid a global downturn after U.S. President Donald Trump said he would impose 25% on automobile imports on April 2.
The world’s largest cryptocurrency was flat around $87,293.4 by 4:42 p.m. ET (20:42 GMT).
Bitcoin muted after Trump’s auto tariffs announcement
President Donald Trump on Wednesday announced the imposition of a 25% tariff on all foreign-made cars and auto parts, effective April 2.
This policy aims to bolster domestic car manufacturing by incentivizing companies to produce vehicles within the U.S.
The tariffs have heightened investor concerns about a potential global trade war, leading to a broader risk-off sentiment in financial markets.
In such environments, investors typically move away from volatile assets like cryptocurrencies, favoring traditional safe-haven assets such as gold.
The announcement led to a significant sell-off in global stock markets. The S&P 500 declined by 1.1%, while the NASDAQ Composite dropped 2%.
In contrast to the downturn in equity markets, gold prices rose, reflecting a risk-off mood among investors.
Investors also remain cautious ahead of the implementation of fresh reciprocal tariffs on April 2.
GameStop drops on $1.3 bln convertible bond deal to buy Bitcoin
GameStop Corp (NYSE:GME) shares declined nearly 8% to $26.26 in after-hours trading on Wednesday following the company’s announcement of a $1.3 billion convertible bond offering aimed at financing Bitcoin acquisitions.
The stock had risen 11.7% to close at $28.36 on Wednesday after GameStop revealed plans to include Bitcoin as a treasury reserve asset.
The proposed 0% five-year convertible senior notes are intended for general corporate purposes, including Bitcoin purchases, the company said.
Bitcoin whales bought $11bln of BTC in two weeks: Glassnode
While ongoing macroeconomic uncertainty and mixed technical signals continue to trouble retail traders, large investors appear to have a more bullish stance on Bitcoin.
Data from blockchain analytics firm Glassnode shows that since March 11, the so-called "Bitcoin whales" have accumulated over 129,000 BTC, valued at around $11.2 billion based on the current price of $87,500.
This marks the highest accumulation rate since August 2024, suggesting that major market participants are regaining confidence in the leading cryptocurrency, Glassnode noted on X.
Crypto price today: altcoins mixed, XRP slides
Most altcoins inched lower, in line with Bitcoin, as investors awaited impending U.S. tariffs.
World no.2 crypto Ethereum fell 0.2% to $2,006.65
World no. 3 crypto XRP lost over 1% to $2.34.
Solana rose 0.9% and Cardano added 0.8% each, while Polygon slipped 1.5%.
Among meme tokens, Dogecoin slid 2.8%, while $TRUMP dropped 2.8%.
Ayushman Ojha contributed to this report.