Bitcoin (BTC-USD) nudged up 1% to $87,500 (£67,743) in Thursday’s early trading. Global markets, though, are jittery after Trump slapped a 25% tariff on foreign cars and parts, starting April 2.
The S&P 500 dipped 1% Wednesday. The NASDAQ took a harder hit, down 2%.
The tariff’s all about boosting US car makers. But it’s got folks worried about a trade mess. Trump’s not stopping there—he’s already taxing Canada and Mexico at 25%, China at 20%. He even hinted on Truth Social Thursday about hitting the EU and Canada harder if they team up against the US. Markets are on edge.
Gold and Bitcoin: The Safe Bets Right Now
With everything shaky, people are running to gold and bitcoin. Gold jumped to $3,035 Thursday—its highest this week. Bitcoin’s hanging tough too. Messari’s Sam Ruskin said on X.com, “Bitcoin and gold are up as people hunt for safety after Trump’s big win and trade war fears.”
Since November 5, bitcoin’s up 22.3%, beating gold’s 9.3% and the S&P 500’s 2.5% slide.
GameStop Goes Bitcoin, But Crypto’s Still Meh
GameStop (GME) popped 12% Wednesday after betting $1.3 billion (£1.01 billion) on bitcoin for its reserves. Cool move, right? QCP Capital says it’s not sparking much crypto excitement though.
Bitcoin ETFs are pulling in cash, but ethereum (ETH-USD) ETFs are leaking. QCP reckons we’re stuck with “sideways action” till Trump’s plans clear up.
