Bitcoin Hovers Near $88K as Tariff Uncertainty Looms, GameStop Adds BTC to Treasury

Bitcoin traded slightly higher on Wednesday, hovering around $87,284.50 as of 01:15 ET (05:15 GMT), with market participants awaiting clarity on impending U.S. trade tariffs. Investors remain cautious amid fears that the recent rally could be a “bull trap,” where a short-lived price increase misleads traders before a sharp drop.

The cryptocurrency market has been especially reactive to geopolitical developments. Bitcoin briefly surged past $88,500 earlier this week following reports that President Donald Trump’s proposed tariffs, expected to begin on April 2, may target only select trading partners with large trade imbalances, instead of broad-based levies.

Despite the recent gains, analysts warn that Bitcoin faces strong resistance near the $90,000 level. Traders are watching closely to see whether the upward momentum holds or reverses sharply.

In a bullish move for crypto adoption, GameStop (NYSE:GME) announced it will add Bitcoin to its treasury reserves. The company’s board approved a policy enabling investment in BTC, joining other firms like Strategy (formerly MicroStrategy) in adopting Bitcoin as part of their financial strategy. While GameStop didn’t disclose a cap on the investment, the announcement coincided with its Q4 earnings report. The company posted $1.283 billion in net sales, down from $1.794 billion year-over-year, but net income jumped to $131.3 million from $63.1 million, driven by aggressive cost-cutting. GameStop shares surged over 8% in after-hours trading.

Altcoins saw mixed performance. Ethereum edged up 0.2% to $2,052.69, XRP gained 0.8% to $2.4485, Solana rose 1.7%, Cardano added 0.4%, and Polygon surged 7.8%. Meme coins also rallied, with Dogecoin up 3.5% and $TRUMP climbing 0.7%.