Key Moments:
- Bitcoin rose slightly above $108,870 on Thursday after a two-day pullback.
- Market sentiment rose following a court decision that struck down President Trump’s tariffs.
- Metaplanet raised $21 million to fund future Bitcoin purchases, and GameStop bought 4,710 BTC, signaling continued corporate enthusiasm surrounding Bitcoin.
Easing Trade Concerns Aid BTC
Bitcoin saw modest gains on Thursday, climbing to around $108,870 after a brief period of weakness over the last two days. Broad market risk appetite improved after a US federal court deemed President Donald Trump’s blanket tariffs illegal. The world’s leading cryptocurrency also capitalized on rising BTC interest among corporate entities.
Meanwhile, this week’s Federal Reserve meeting minutes indicated growing uncertainty around the economic outlook, with participants potential trade-offs if inflation persisted while growth and employment faltered. Another factor that served to somewhat dampen sentiments was the US government’s decision to appeal the tariff ruling.
Institutional Investments Aid BTC
Corporate activity around Bitcoin remained strong, providing some support to prices amid broader uncertainty. GameStop confirmed on Wednesday that it had acquired 4,710 BTC, marking its first foray into digital assets. This move followed a $1.3 billion convertible note issuance in March, which was described as part of a broader initiative to adopt Bitcoin as a treasury reserve asset.
On Thursday, Japanese investment group Metaplanet disclosed it had raised $21 million through Ordinary Bonds to expand its BTC holdings. At present, Metaplanet maintains Bitcoin holdings of 7,800 BTC.
These developments underscore a growing trend of public company interest in Bitcoin. According to market observers, the uptick in corporate participation could result in greater long-term adoption of BTC. Enthusiasm was further stoked by news of yet another round of Bitcoin ETF inflows on Wednesday. The figure exceeded $432.62 million.
Investors will now turn their attention to upcoming economic releases. The second estimate of Q1 GDP growth is due Thursday from the US Bureau of Economic Analysis, alongside weekly initial jobless claims and April pending home sales. Both could either support or exert pressure on digital assets like Bitcoin, depending on the results.
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