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Krisztian Sandor Krisztian Sandor

Why is Bitcoin Declining Today?

Bitcoin’s (BTC) rise following GameStop’s Tuesday bitcoin treasury strategy announcement halted just shy of the $89,000 level and things are now headed decidedly lower during U.S. trading hours Wednesday.

Just after the noon hour on the east coast, bitcoin has pulled back about 3% from overnight highs to $86,500. The broad-market crypto benchmark CoinDesk 20 Index was 1.9% lower through the past 24 hours, with ether (ETH), solana (SOL) and AAVE declining around 3%-4% during the same period.

The price action happened with U.S. risk assets showing weakness. The S&P500 and Nasdaq indexes were down 0.8% and 1.6%, respectively, erasing most of their gains since Monday’s opening.

Fresh concerns over the U.S. debt ceiling perhaps loomed over markets. The Congressional Budget Office issued a warning today that the federal government may run out of money as soon as August if lawmakers don’t raise the debt limit. U.S. tariffs, poised to go into effect on April 2, could also be weighing on investor nerves.

“Uncertainty surrounding U.S. trade policy and the broader political landscape remains front of mind,” analysts at hedge fund QCP said in a Telegram broadcast. “The market still lacks clarity on the scope, timing and magnitude of these potential actions. Until then, we expect more sideways volatility.”

Is GameStop buying bitcoin even bullish?

Bitcoin bulls, meanwhile, are once again left scratching their heads as the price fails to react positively to news of yet another deep-pocketed buyer planning to invest in the world’s largest crypto.

“Zombie companies like GameStop ‘pulling a Saylor’ as a get out of jail cared would be a clear topping signal,” said James Check, first one year ago and then again Tuesday evening following GME’s announcement.

He reminded that he said similar about publicly trader miners when those capital-burning companies decided to stack bitcoin beyond what their mining activity provided.

“Three months ago I couldn’t make a case for where this cycle’s excess sell-side comes like we saw in the 2022 bear market … I suspect in a few months time, I will be able to make a case once again.”



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Krisztian Sandor

https://www.coindesk.com/markets/2025/03/26/bitcoin-rally-stalls-despite-supposedly-bullish-gamestop-news

2025-03-26 16:19:14

bitcoin
Bitcoin (BTC) $ 84,163.55 1.37%
ethereum
Ethereum (ETH) $ 1,607.73 2.50%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.13 1.10%
bnb
BNB (BNB) $ 584.22 2.29%
solana
Solana (SOL) $ 128.92 2.26%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.164169 1.84%
tron
TRON (TRX) $ 0.253426 2.79%
cardano
Cardano (ADA) $ 0.644249 2.11%
staked-ether
Lido Staked Ether (STETH) $ 1,605.89 2.56%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,169.55 1.35%
leo-token
LEO Token (LEO) $ 9.39 0.72%
avalanche-2
Avalanche (AVAX) $ 19.82 2.25%
chainlink
Chainlink (LINK) $ 12.75 3.12%
stellar
Stellar (XLM) $ 0.241395 1.31%
sui
Sui (SUI) $ 2.24 5.31%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 3.21%
the-open-network
Toncoin (TON) $ 2.89 5.34%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.166487 4.10%
wrapped-steth
Wrapped stETH (WSTETH) $ 1,929.61 2.15%
bitcoin-cash
Bitcoin Cash (BCH) $ 345.05 1.59%
litecoin
Litecoin (LTC) $ 78.36 0.93%
polkadot
Polkadot (DOT) $ 3.73 0.46%
hyperliquid
Hyperliquid (HYPE) $ 15.52 5.71%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999869 0.02%
bitget-token
Bitget Token (BGB) $ 4.29 2.70%
pi-network
Pi Network (PI) $ 0.744219 2.23%
ethena-usde
Ethena USDe (USDE) $ 0.999496 0.04%
weth
WETH (WETH) $ 1,608.92 2.21%
whitebit
WhiteBIT Coin (WBT) $ 27.77 0.12%
monero
Monero (XMR) $ 203.80 1.67%
wrapped-eeth
Wrapped eETH (WEETH) $ 1,711.28 2.42%
uniswap
Uniswap (UNI) $ 5.39 2.71%
okb
OKB (OKB) $ 53.19 1.36%
dai
Dai (DAI) $ 1.00 0.00%
pepe
Pepe (PEPE) $ 0.000007 0.42%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,126.54 1.47%
aptos
Aptos (APT) $ 4.90 0.80%
gatechain-token
Gate (GT) $ 22.52 1.26%
ondo-finance
Ondo (ONDO) $ 0.866366 5.92%
tokenize-xchange
Tokenize Xchange (TKX) $ 33.61 2.30%
near
NEAR Protocol (NEAR) $ 2.16 2.42%
susds
sUSDS (SUSDS) $ 1.05 0.00%
internet-computer
Internet Computer (ICP) $ 5.05 3.61%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
crypto-com-chain
Cronos (CRO) $ 0.085716 4.46%
mantle
Mantle (MNT) $ 0.696111 2.89%
ethereum-classic
Ethereum Classic (ETC) $ 15.38 1.44%
bitcoin
Bitcoin (BTC) $ 84,163.55 1.37%
ethereum
Ethereum (ETH) $ 1,607.73 2.50%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.13 1.10%
bnb
BNB (BNB) $ 584.22 2.29%
solana
Solana (SOL) $ 128.92 2.26%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.164169 1.84%
tron
TRON (TRX) $ 0.253426 2.79%
cardano
Cardano (ADA) $ 0.644249 2.11%
staked-ether
Lido Staked Ether (STETH) $ 1,605.89 2.56%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,169.55 1.35%
leo-token
LEO Token (LEO) $ 9.39 0.72%
avalanche-2
Avalanche (AVAX) $ 19.82 2.25%
chainlink
Chainlink (LINK) $ 12.75 3.12%
stellar
Stellar (XLM) $ 0.241395 1.31%
sui
Sui (SUI) $ 2.24 5.31%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 3.21%
the-open-network
Toncoin (TON) $ 2.89 5.34%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.166487 4.10%
wrapped-steth
Wrapped stETH (WSTETH) $ 1,929.61 2.15%
bitcoin-cash
Bitcoin Cash (BCH) $ 345.05 1.59%
litecoin
Litecoin (LTC) $ 78.36 0.93%
polkadot
Polkadot (DOT) $ 3.73 0.46%
hyperliquid
Hyperliquid (HYPE) $ 15.52 5.71%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999869 0.02%
bitget-token
Bitget Token (BGB) $ 4.29 2.70%
pi-network
Pi Network (PI) $ 0.744219 2.23%
ethena-usde
Ethena USDe (USDE) $ 0.999496 0.04%
weth
WETH (WETH) $ 1,608.92 2.21%
whitebit
WhiteBIT Coin (WBT) $ 27.77 0.12%
monero
Monero (XMR) $ 203.80 1.67%
wrapped-eeth
Wrapped eETH (WEETH) $ 1,711.28 2.42%
uniswap
Uniswap (UNI) $ 5.39 2.71%
okb
OKB (OKB) $ 53.19 1.36%
dai
Dai (DAI) $ 1.00 0.00%
pepe
Pepe (PEPE) $ 0.000007 0.42%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,126.54 1.47%
aptos
Aptos (APT) $ 4.90 0.80%
gatechain-token
Gate (GT) $ 22.52 1.26%
ondo-finance
Ondo (ONDO) $ 0.866366 5.92%
tokenize-xchange
Tokenize Xchange (TKX) $ 33.61 2.30%
near
NEAR Protocol (NEAR) $ 2.16 2.42%
susds
sUSDS (SUSDS) $ 1.05 0.00%
internet-computer
Internet Computer (ICP) $ 5.05 3.61%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
crypto-com-chain
Cronos (CRO) $ 0.085716 4.46%
mantle
Mantle (MNT) $ 0.696111 2.89%
ethereum-classic
Ethereum Classic (ETC) $ 15.38 1.44%