Investing.com-- Bitcoin fell marginally on Friday amid a deepening global rout as U.S. President Donald Trump’s sweeping reciprocal tariffs fueled recession fears and drove investors away from riskier assets.
The world’s largest cryptocurrency edged 0.3% lower to $82,127.0 by 09:43 ET (13:43 GMT)
Trump’s steep tariffs stoke global recession fears; US payrolls data awaited
President Trump on Thursday announced a comprehensive overhaul of U.S. trade policy, introducing a 10% universal tariff on all imported goods, effective April 5, 2025.
Trump also announced reciprocal tariffs targeting specific nations deemed to have significant trade barriers against U.S. products will take effect on April 9, 2025. These reciprocal tariffs are approximately half of the rates those countries impose on U.S. exports.
Under this new policy, China now faces a combined tariff of 54%, with the new 34% surcharge. Other notable tariffs include 24% on Japan, 20% on the European Union, 26% on India, and 46% on Vietnam.
These tariffs have triggered concerns over a slowdown in global trade, supply chain disruptions, and weakened corporate earnings. The aggressive stance has also spurred fears of retaliatory actions from major trading partners, potentially exacerbating economic uncertainty.
Major U.S. stock index plunged on Thursday, while most Asian stock indices continued to tumble on Friday.
Bitcoin and other digital assets, often touted as an alternative hedge, have come under pressure as investors seek refuge in traditional safe-haven assets like gold.
Moreover, tighter financial conditions and recessionary risks reduce speculative appetite, which is critical for sustaining the volatile cryptocurrency market.
Analysts believe that, if economic conditions deteriorate further, liquidity concerns and reduced risk tolerance among investors could exacerbate crypto market declines.
Looking forward, further movements are expected to hinge on U.S. nonfarm payrolls data due later on Friday and any policy signals from Federal Reserve Chair Jerome Powell, as markets assess whether the Fed may need to ease monetary policy to counteract economic weakness.
Ryan Cohen boosts his GameStop (NYSE:GME) stake to 8.4% after Bitcoin acquisition plan
GameStop Chairman and CEO Ryan Cohen has increased his stake in the company, purchasing 500,000 additional shares for roughly $10.8 million, according to a recent SEC filing. The move brings his total holdings to over 37.3 million shares, or around 8.4% of the company.
The purchase follows GameStop’s recent announcement that it will allocate part of its cash reserves to Bitcoin.
The company recently raised $1.5 billion through a convertible note offering to support the new treasury strategy, with the funding round closing earlier this week.
Crypto price today: altcoins mixed amid economic uncertainty
Altcoins were mixed on Friday, and moves in tight ranges amid economic uncertainty.
World no.2 crypto Ethereum fell 0.6% to $1,773.37.
World no. 3 crypto XRP gained 1.8% to $2.04.
Solana remained flat, Cardano rose 0.7%, while Polygon jumped 4%.
Among meme tokens, Dogecoin added 3%, while $TRUMP rose 3.4%.
Ayushman Ojha contributed to this report.