Bitcoin Drops Below $108K Amid Profit-Taking Despite Tariff Ruling and GameStop Investment

Bitcoin prices declined for a third consecutive session on Thursday, slipping 1.2% to $107,721.6 as of 01:43 ET (05:43 GMT). The pullback comes after the leading cryptocurrency briefly hit record highs above $110,000 earlier this week. Persistent profit-taking outweighed any bullish sentiment sparked by GameStop’s (NYSE:GME) recent $500 million Bitcoin purchase or a court ruling against former President Donald Trump’s trade tariffs.

Despite a federal court blocking Trump’s sweeping tariffs—ruling he exceeded his authority—crypto markets showed little reaction. While the decision initially boosted broader risk assets, Bitcoin and other cryptocurrencies remained muted. Analysts noted lingering market uncertainty as the White House promptly appealed the decision, fueling speculation of ongoing legal and political volatility.

Bitcoin had previously benefited from uncertainty surrounding trade policies due to its decentralized nature. However, the current decline is driven more by profit-taking and less by geopolitical developments. Some optimism remains in the crypto space, bolstered by Vice President JD Vance’s pro-Bitcoin stance at a Las Vegas conference. Vance emphasized the importance of U.S. Bitcoin adoption to counter China’s anti-crypto policies and praised Trump’s creation of a national Bitcoin reserve.

Still, concerns around Trump’s crypto involvement persist, with conflict-of-interest allegations tied to his companies and the controversial $TRUMP memecoin. The coin fell 3% following a lackluster White House dinner with major holders.

Altcoins largely mirrored Bitcoin’s decline. XRP, Solana, and Cardano dropped between 0.4% and 2%. Ethereum stood out, gaining 3.1% to $2,722.26. Dogecoin edged up 0.3%, while most other tokens tracked lower, signaling cautious sentiment across the market.