Bitcoin and Crypto Market Brace for Potential Impact of Trump’s Tariff Plan
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As the U.S. President prepares to announce new tariffs, the crypto market, and particularly Bitcoin, could face significant volatility due to investor reactions to geopolitical and economic news.
How Trump Tariff Plan Could Impact Bitcoin and the Crypto Market
The U.S. President is set to announce new tariffs at the White House. Scott Bessent, US Treasury Secretary, stated that the announcement will be made on April 2, at 4 pm Washington time. Although the full details of the president’s plan are yet to be revealed, the crypto market, particularly Bitcoin (BTC), could be impacted by such economic policies. Investors and traders often react to geopolitical and economic news, which can lead to volatility in cryptocurrency prices.
Bitcoin Price Struggling but Short-Term Holders Might Be Setting the Stage for $150K
Bitcoin has recently shown signs of upward momentum, trading at $85,215, marking a 2.2% increase in the past day. Despite this, it remains down by over 21.2% from its all-time high of $109,000 reached in January. The ongoing price fluctuations have placed Bitcoin in a downward trend. Data from CryptoQuant suggests that the behavior of short-term holders is a key factor to observe in the current market, potentially setting the stage for a future rally to $150K.
Top 3 Cryptocurrencies That May Double Their Price Amid Market Slump
The cryptocurrency market continues to struggle with Bitcoin (BTC) falling to the $83,000 level after reaching $88,000. The global crypto market cap has declined to $2.8 trillion from $3 trillion in March. The slump could be due to macroeconomic uncertainties, including upcoming tariffs on Canada, Mexico, and China by the US starting Apr. 2, which may negatively impact the American economy. The Federal Reserve has paused interest rates but has not announced a cut for 2025, which could potentially lead to investor optimism and riskier investments if announced.
Bitcoin Mining’s Energy Shift: Coal Use Drops While Renewables Rise
Bitcoin mining has undergone a significant transformation in recent years, with a notable shift in energy usage. A new report reveals that coal energy, which once made up 63% of Bitcoin’s mining energy in 2011, has now dropped to just 20% in 2024. This transition comes amid growing environmental concerns and pressure for sustainable mining practices. Renewable energy’s share in BTC mining has grown steadily, with an average annual increase of 5.8%. Sources like solar, wind, and hydropower have become more accessible and cost-effective.
GameStop Completes $1.5B Convertible Note Sale, Plans to Add Bitcoin to Treasury
GameStop has completed a $1.5 billion convertible senior note sale, with plans to use part of the proceeds to purchase Bitcoin for its corporate treasury. The offering was originally announced with a $1.3 billion target but was expanded to include an additional $200 million. The notes, due in 2030, brought in approximately $1.48 billion in net proceeds after deductions. GameStop intends to use the funds for general corporate purposes, including the acquisition of Bitcoin, marking a significant step into digital assets for the video game retailer.
