Bitcoin (BTC-USD) ticked up 1% to $87,500 (£67,743) Thursday morning. Markets everywhere else? Not so calm. Trump’s new 25% tariff on foreign cars and parts—hitting April 2—has stocks wobbling. The S&P 500 fell 1% Wednesday. The NASDAQ dropped 2%.
This car tariff’s meant to juice up US factories. It’s got investors sweating about trade fights though. Trump’s already taxing Canada and Mexico 25%, China 20%. On Truth Social Thursday, he warned the EU and Canada about bigger tariffs if they mess with the US. Talk about a wild card.
Bitcoin and Gold Step Up in Shaky Times
Things are dicey, so gold and bitcoin are getting love. Gold hit $3,035 Thursday—its best this week. Bitcoin’s not backing down either. Sam Ruskin from Messari posted on X.com, “Bitcoin and gold are climbing as people look for cover from Trump’s moves and trade war buzz.”
Since his November 5 win, bitcoin’s gained 22.3%, topping gold’s 9.3% and leaving the S&P 500’s 2.5% loss in the dust.
GameStop’s Big Bitcoin Play Isn’t Wowing Crypto
GameStop (GME) soared 12% Wednesday after dumping $1.3 billion (£1.01 billion) into bitcoin reserves. Bold stuff. QCP Capital says it’s not lighting a fire under crypto though.
Bitcoin ETFs are seeing money come in, but ethereum (ETH-USD) ETFs are losing it. They figure markets’ll stay choppy till Trump’s next move shows.
