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Investing.com-- Bitcoin retreated on Friday, extending a recent decline from record highs as heightened uncertainty over U.S. President Donald Trump’s trade tariffs spurred sustained profit-taking in crypto.
The world’s largest crypto was set for mild weekly losses, as it retreated from last week’s peaks. More corporate buying action failed to lift prices, after Gamestop announced it had purchased over $500 million worth of coins.
Positive regulatory developments also offered limited support, as the Securities and Exchange Commission said it was dropping its lawsuit against crypto exchange Binance.
Bitcoin fell 1.8% to $105,580 by 09:54 ET (13:54 GMT).
Bitcoin heads for weekly loss amid Trump tariff whipsaw
Bitcoin faced extended profit-taking this week after it raced to a record high of over $111,000 last week.
Risk appetite was dented by vastly contrasting signals on Trump’s tariff plans. An appeals court ruled on Thursday to temporarily allow Trump’s tariff agenda, after a federal trade court ruled to block his tariffs earlier this week.
Trump lashed out against the judges involved in the trade court decision, and said he hoped that the Supreme Court will back his tariffs.
But analysts warned that prolonged legal sparring over Trump’s tariffs only stood to increase market uncertainty over their impact.
Concerns over the economic impact of Trump’s tariffs were a key weight on risk-driven assets this year, especially as a swathe of economic data pointed to U.S. weakness.
But this notion was marginally offset by a revised reading on first quarter gross domestic product, which showed the U.S. economy shrank slightly less than initially estimated.
SEC drops Binance case, BNB muted
The U.S. SEC on Thursday voluntarily dismissed its civil lawsuit against Binance, the world’s biggest crypto exchange, reflecting a shift at the regulator from new management under the Trump administration.
The SEC dropped its case against Binance and founder Changpeng Zhao with prejudice, meaning that it cannot pursue the case again.
The regulator, under former Chair Gary Gensler, had sued Binance and Zhao in June 2023 on allegations of artificially inflation trading volumes, diverting customer funds, and unlawfully facilitating the trading of several crypto tokens that should have been registered as securities.
The case was separate from Binance’s November 2023 guilty plea, which saw the exchange slapped with a $4.32 billion penalty for violating federal anti money laundering laws. Zhao had served a four-month sentence in prison.
Binance’s token, BNB, showed little reaction to the SEC news, falling 1.1% to $674.20.
Piper sees rising institutional interest, regulatory momentum in crypto after 2025 conference
Piper Sandler came away from the 2025 Bitcoin conference with a more upbeat view on the momentum building across Bitcoin and digital assets.
The broker highlighted several key developments that could accelerate broader adoption, particularly among traditional financial institutions.
One major theme was the expected passage of stablecoin legislation in the U.S., which Piper said “will likely be a stepping stone for market structure legislation and could set off a domino effect of Bitcoin/digital asset adoption among traditional financial firms.”
The firm also noted that corporate interest in holding Bitcoin on balance sheets is stronger than previously assumed.
Other takeaways included the growing push to tokenize traditional financial assets to improve liquidity and efficiency, as well as increasing investor demand for Bitcoin-linked products.
Piper analysts pointed to innovations like Bitcoin-backed bonds and gold-protected Bitcoin funds, and observed that MicroStrategy’s Bitcoin strategy is inspiring “copycats.” On the political front, both Senator JD Vance and Senator Cynthia Lummis reiterated their support for establishing a Bitcoin strategic reserve.
Crypto price today: Altcoins track Bitcoin lower
Losses in Bitcoin spilled over into broader crypto markets. World no.2 crypto Ether fell roughly 3% to $2,584.70, while XRP fell 5% to $2.17.
Solana and Cardano dipped 5% and 5.5%, respectively, while Polygon shed 4.7%.
Among meme tokens, Dogecoin plunged 8.7%, while $TRUMP slid 7.5%.
(Ambar Warrick contributed to this report.)