BTC, ETH down as Trumps Tariff Threat Looms

BTC, ETH down as Trump’s Tariff Threat Looms

By Manoj Dharra

Bitcoin declined back below $88,000 on Thursday as Trump signed an order to slap a 25% tariff on all cars not made in the US. His proclamation, released later Wednesday, specified automobile tariffs would be collected starting just after midnight, at 12:01 a.m. Washington time on April 3.

France-based The Blockchain Group has added another 580 Bitcoin worth $50.64 million to its Bitcoin treasury. The Blockchain Group (ALTBG) is listed on Euronext Paris, Europe’s second-largest stock exchange by market cap.

GameStop Corp. is seeking to sell $1.3 billion of convertible bonds to fund Bitcoin purchases as it embraces a strategy developed by cryptocurrency advocate Michael Saylor.

Ethereum is down by 2%, trading at $2024. Altcoins like XRP, SOL, and AVAX are down by 4% in today’s trade, and the global crypto market cap stands at $2.85 trillion, a 0.5% decrease over the last day.

Sequoia, Benchmark, and other top VCs have invested $400M+ into The Open Network (TON), backing its rise as the backbone of Telegram’s creator economy. With NFTs, ad payments, and Telegram app activity all running on TON, the token jumps 4.5% in today’s trade.

$Walrus, a decentralized storage network powered by the SUI blockchain, is getting listed on Bitget today. The fact that SUI is up by 6.5% suggests that the market is reacting positively to the news of the Walrus listing. When a new, promising project like Walrus gets listed on a major exchange, it can positively impact the underlying blockchain (in this case, SUI) by raising the visibility and perceived value of that blockchain. Investors may expect more projects to use SUI in the future, leading to increased demand for the SUI token, which can drive its price up.

Ethena, a synthetic dollar protocol built on the Ethereum blockchain and the innovative force behind the USDe stablecoin, has significantly bolstered its reserves. Recent reports reveal that Ethena now holds a massive $1.29 billion in BUIDL-I tokens. Ethena’s ENA token jumps 4%.

Tech check: Notably, data from Santiment shows a spike in the total number of wallets holding 100 to 10,000 BTC. This new development coincides with Bitcoin’s upward movement, indicating that whale accumulation might reflect renewed demand and an uptick in positive sentiment.

Outlook: Investors now remain cautious as fresh reciprocal tariffs loom, potentially leading to higher costs for imported goods, rising inflation, and mounting pressure on central banks to tighten monetary policy. The market still lacks clarity on the scope, timing, and magnitude of these potential actions, and until then, we expect more sideways volatility.

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