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Bitcoin Hovers Around $88K as Trump’s Auto Tariffs Rattle Markets

cryptocurrencies waved as US President Donald Trump imposed 25% levies on cars not manufactured in the U.S.

Bitcoin, the world’s largest cryptocurrency rose 0.7% higher to $87,513.50.

GameStop to Borrow $1.3 Billion to Fund Bitcoin Buying Spree

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

The video-game retailer rallied after the company said on Tuesday that its board approved a plan to add Bitcoin as a treasury reserve asset. That was followed on Wednesday by a filing announcing the planned sale of the bonds, which will be used for general purposes, including the acquisition of Bitcoin.

The Grapevine, Texas-based GameStop joins a growing list of public companies taking on convertible debt to buy Bitcoin in an attempt to capitalize on upswings in the cryptocurrency. The tactic was pioneered by Saylor’s Strategy, the enterprise software company formally known as MicroStrategy, which has acquired more than $40 billion in Bitcoin and seen its share price soar.

Fidelity Investments Tests Dollar-Pegged Stablecoin

U.S. asset manager Fidelity Investments is exploring whether to launch its own stablecoin, in the latest sign of mainstream investors looking to cash in on a revival of interest in cryptocurrencies.

Stablecoins are a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, making it easier for traders to move funds between cryptocurrencies. Their use has grown rapidly in recent years.

A spokesperson for Fidelity said that the company's digital asset arm was in the process of testing a stablecoin, but had no immediate plans to launch one.

Crypto Rules Top Paul Atkins’ SEC Agenda Ahead of Committee Hearing

Paul Atkins, the Trump administration’s pick to lead the Securities and Exchange Commission, said regulation of crypto will be a top priority if confirmed as chairman.

In prepared remarks ahead of a confirmation hearing Thursday morning before the Senate Committee on Banking, Housing, and Urban Affairs, Atkins took aim at “ambiguous and non-existent” digital asset regulation that has hindered market growth.

“Since 2017, as I have led industry efforts to develop best practices for the digital asset industry, I have seen how unclear regulation creates uncertainty and inhibits innovation,” Atkins said.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $89.57 million. The total net asset value of Bitcoin spot ETFs is $97.22 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.61%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on March 26 was iShares Bitcoin Trust (IBIT), with a net inflow of $107.89 million.

Source: SoSoValue