Bitcoin fell on Thursday, pressured by ongoing profit-taking after reaching a recent all-time high, while optimism over the court ruling against President Donald Trump's trade tariffs did not help lift cryptocurrency prices.
GameStop Corp (NYSE:GME) buying over $500 million in Bitcoin also did not help boost prices, with the world's largest cryptocurrency trading lower for three consecutive sessions after it hit a record high of over $110,000 earlier this week.
Bitcoin fell 1.2% to $107,721.6 at 01:43 ET (05:43 GMT).
Bitcoin, the cryptocurrency, reacted indifferently to Trump's tariff block.
Bitcoin and cryptocurrency prices have largely lagged behind the gains of broader risk assets after a federal court ruled that Trump cannot proceed with his trade tariffs.
The U.S. International Trade Court ruled on Wednesday that Trump exceeded his authority in imposing comprehensive tariffs on major trading partners, giving the president 10 days to comply with the ruling.
This ruling has boosted risk appetite with some hope that Trump will not be able to carry out his tariff plans, which have been a major point of uncertainty for the market this year.
But the White House almost immediately appealed the ruling, with analysts warning that market volatility could increase as Trump and the courts dispute his tariffs. Any ruling favorable to Trump could potentially lead to higher trade tariffs.
Cryptocurrency has little direct connection to Trump's tariffs - a feature that has helped this asset class perform better during heightened tariff uncertainty earlier this year.
Bitcoin's recent surge to record highs has been primarily driven by optimism over more crypto-friendly regulations under Trump, especially as the stablecoin regulation bill is progressing through Congress.
But this has left the world's largest cryptocurrency facing ongoing profit-taking this week.
Vice President Vance said the U.S. should adopt Bitcoin in competition with China.
Speaking at the Bitcoin conference in Las Vegas, Nevada, U.S. Vice President JD Vance called on the domestic cryptocurrency industry to pursue more regulation, claiming that Trump's administration is opening the door to more crypto-friendly regulations.
Mr. Vance stated that the U.S. should adopt Bitcoin more, especially as China is taking a non-supportive stance towards cryptocurrency.
Mr. Vance praised Trump for creating a national Bitcoin reserve.
However, the Trump administration has faced several allegations of conflict of interest, as some of Trump's companies are actively involved in cryptocurrency. The president's meme coin $TRUMP has also been a controversial topic after Trump hosted a dinner at the White House for the largest holders of this token.
Today's cryptocurrency prices: most altcoins decline alongside Bitcoin.
Broader cryptocurrency prices largely declined alongside Bitcoin, lagging behind other risk markets.
XRP, Solana, and Cardano fell between 0.4% and 2%. The world's second-largest cryptocurrency Ethereum was an exception, rising 3.1% to $2,722.26.
Among meme tokens, Dogecoin rose 0.3%, while $TRUMP fell 3% after the president's dinner for top holders of this coin largely failed to meet expectations. #TrumpTariffs #TradingTypes101 $BTC
