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Investing.com-- Bitcoin traded relatively unchanged on Thursday, pressured by sustained profit-taking after recent record highs, with optimism over a court ruling against President Donald Trump’s trade tariffs doing little to lift crypto prices.
GameStop Corp ’s (NYSE:GME) purchasing of over $500 million worth of Bitcoin also did little to boost prices, with the world’s biggest cryptocurrency trading lower for three straight sessions after it briefly notched record highs above $110,000 earlier this week.
Bitcoin edged higher 0.2% to $107,650.0 by 10:02 ET (14:02 GMT).
Bitcoin, crypto sees little cheer from Trump tariff block
Bitcoin and crypto prices largely lagged gains in broader risk-driven assets after a federal court ruled that Trump could not proceed with his trade tariffs.
The U.S. Court of International Trade ruled on Wednesday that Trump had overstepped his authority when introducing sweeping tariffs against major trading partners, and gave the president 10 days to comply with the ruling.
The ruling drummed up risk appetite with some hopes that Trump will not be able to proceed with his tariff plans, which have been a key point of uncertainty for markets this year.
But the White House almost immediately appealed the ruling, with analysts warning that market uncertainty could ramp up as Trump and the courts spar over his tariffs. Any ruling favoring Trump is also likely to elicit higher trade tariffs.
Crypto has little direct ties to Trump’s tariffs- a trait that did help the asset class perform better during heightened uncertainty over the tariffs earlier this year.
Bitcoin’s recent ascent to record highs was driven chiefly by optimism over friendlier crypto regulation under Trump, especially as a stablecoin regulation bill progressed through Congress.
But this left the world’s biggest crypto open to sustained profit-taking this week.
Vice Pres. Vance says US should adopt Bitcoin in rivalry with China
Speaking at a Bitcoin conference in Las Vegas, Nevada, U.S. Vice President JD Vance called on the domestic crypto industry to pursue more regulation, stating that Trump’s administration was open to more pro-crypto regulation.
Vance said that the U.S. should adopt Bitcoin further, especially given that China was averse towards crypto.
Vance lauded Trump’s creation of a national Bitcoin reserve.
But the Trump administration has faced several accusations of conflict of interest, given that several of Trump’s companies are actively involved in crypto. The president’s $TRUMP memecoin was also the subject of controversy after Trump hosted a White House dinner for the token’s biggest holders.
Crypto price today: most altcoins muted
Broader crypto prices were very muted in tandem with Bitcoin, lagging other risk-driven markets.
World no.2 crypto Ethereum was 0.5% higher at $2,665.70.
XRP added 0.2%, while Solana, and Cardano slipped around 1% each.
Among meme tokens, Dogecoin also rose 0.5%, while $TRUMP fell roughly 3% after the president’s dinner for the coin’s top holders mostly underwhelmed.
Ambar Warrick contributed to this report.