Bitcoin (BTC-USD) price edged up by approximately 1% to $87,500 (£67743)

GameStop (GME) surged nearly 12% on Wednesday after its board unanimously approved the integration of bitcoin as a treasury reserve asset.

Bitcoin’s (BTC-USD) price rose slightly by about 1% to reach $87,500 in early Thursday trading. This comes as global markets reacted to US President Donald Trump’s announcement of a 25% tariff on foreign-made automobiles and auto parts.

The new tariffs, which are set to take effect on April 2, are part of an effort to boost domestic car manufacturing. However, they have already triggered fears of heightened market volatility.

Investor sentiment has turned risk-averse, leading to a significant sell-off in equities. On Wednesday, the S&P 500 (^GSPC) dropped by about 1%, and the NASDAQ Composite fell by approximately 2%.

Despite the broader market downturn, GameStop (GME) surged nearly 12% after its board unanimously approved the integration of bitcoin as a treasury reserve asset.

“GameStop’s surprise $1.3bn capital raise for bitcoin allocation has yet to lift broader sentiment in the crypto market,” QCP Capital analysts commented in a market note.

They further noted a divergence in investment trends, with spot bitcoin exchange-traded funds continuing to attract inflows, while spot ethereum (ETH-USD) ETFs have seen outflows.

Meanwhile, concerns remain over potential risks to the crypto industry.

“The impact of tariffs on semiconductors pose structural risks for the crypto industry,” explained WeFi’s Head of Growth, Agne Linge. “With bitcoin mining reliant on high-performance chips, increased costs and potential supply chain disruptions could reduce mining profitability and even threaten network security if smaller operations shut down.”

Amid the market turbulence, traditional safe-haven assets have drawn more investor interest. Gold (GC=F) prices rose to a weekly high of $3,035 on Thursday as investors sought refuge from economic uncertainty.

“Bitcoin and gold’s pump suggests investors are seeking safe havens amid widespread disappointment post-inauguration and concerns over a global trade war,” noted Messari research analyst Sam Ruskin on X.com.

As financial markets navigate this period of heightened economic uncertainty, investors will be closely monitoring the impact of the new tariffs and potential knock-on effects on cryptocurrencies and other assets.