Bitcoin Holds at $87K Amid Tariff Tensions as GameStop Eyes $1.3B BTC Bet

Bitcoin hovered around $87,293 on Thursday, showing resilience despite a global market sell-off following U.S. President Donald Trump’s announcement of a 25% tariff on foreign-made automobiles and auto parts, set to begin April 2. The tariff aims to support U.S. manufacturing but has triggered fears of a global trade war, sending equity markets lower and boosting safe-haven demand for gold.

The S&P 500 dropped 1.1%, and the NASDAQ slid 2%, reflecting widespread investor caution. Despite this risk-off sentiment, Bitcoin remained stable, defying the typical volatility seen in uncertain macro environments.

Meanwhile, GameStop (NYSE:GME) shares fell nearly 8% to $26.26 in after-hours trading after unveiling a $1.3 billion convertible bond offering. The raised capital will be used for general corporate purposes, including purchasing Bitcoin as a treasury reserve asset. The announcement came after an 11.7% intraday surge to $28.36 on Wednesday, driven by excitement over the company’s crypto pivot.

Institutional investors appear increasingly bullish. Glassnode data shows Bitcoin whales accumulated over 129,000 BTC—worth approximately $11.2 billion—since March 11. This marks the highest accumulation rate since August 2024, suggesting growing long-term confidence in Bitcoin despite short-term market headwinds.

Altcoins were mixed. Ethereum edged down 0.2% to $2,006.65, and XRP dropped over 1% to $2.34. Solana and Cardano each gained around 0.9%, while Polygon fell 1.5%. Meme tokens also struggled, with Dogecoin and $TRUMP both slipping 2.8%.

While global economic uncertainty weighs on traditional markets, Bitcoin’s stability and institutional accumulation hint at strong underlying momentum for the leading cryptocurrency.