Bitcoin Falls 1.8% to $105,580 Amid Trump Tariff Uncertainty

Bitcoin experienced a decline on Friday, extending its recent retreat from record highs as uncertainty surrounding U.S. President Donald Trump’s trade tariffs prompted sustained profit-taking in the cryptocurrency market. The world’s largest cryptocurrency was on track for mild weekly losses, failing to sustain momentum despite corporate buying actions and positive regulatory developments.

Gamestop's announcement of purchasing over $500 million worth of coins did little to lift prices, and the Securities and Exchange Commission's decision to drop its lawsuit against crypto exchange Binance provided only limited support. Bitcoin fell 1.8% to $105,580 by 09:54 ET (13:54 GMT).

Throughout the week, Bitcoin faced extended profit-taking after reaching a record high of over $111,000 the previous week. Risk appetite was dampened by conflicting signals on Trump’s tariff plans. An appeals court temporarily allowed Trump’s tariff agenda on Thursday, following a federal trade court's decision to block the tariffs earlier in the week. Trump criticized the judges involved and expressed hope that the Supreme Court would support his tariffs. However, analysts cautioned that prolonged legal disputes over Trump’s tariffs would only increase market uncertainty regarding their impact. Concerns over the economic repercussions of Trump’s tariffs weighed heavily on risk-driven assets this year, particularly as economic data indicated U.S. weakness. This concern was somewhat mitigated by a revised reading on first-quarter gross domestic product, which showed the U.S. economy contracted slightly less than initially estimated.

The U.S. Securities and Exchange Commission voluntarily dismissed its civil lawsuit against Binance, the world’s largest crypto exchange, on Thursday. This move reflected a shift in the regulator's stance under the Trump administration. The SEC dropped its case against Binance and its founder Changpeng Zhao with prejudice, meaning 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 inflating trading volumes, diverting customer funds, and unlawfully facilitating the trading of several crypto tokens that should have been registered as securities. This case was separate from Binance’s November 2023 guilty plea, which resulted in a $4.32 billion penalty for violating federal anti-money laundering laws. Zhao had served a four-month prison sentence. Binance’s token, BNB, showed little reaction to the SEC news, falling 1.1% to $674.20.

Following the 2025 Bitcoin conference, Piper Sandler expressed a more optimistic 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 Sandler 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 Sandler 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.

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%.