Harun Ozalp | Anadolu | Getty Images
Bitcoin and other cryptocurrencies were under pressure Thursday after President Donald Trump’s big tariffs reveal jolted the stock market.
The price of the flagship cryptocurrency was last lower by 5% at $81,849.63, according to Coin Metrics. Ether fell 7% and the token tied to Solana dropped 13%.
Shares of Coinbase and MicroStrategy lost more than 7% each in premarket trading.
The moves came overnight as investor fears of a global trade war intensified following Trump’s presentation of sweeping tariffs of at least 10% and even higher for some countries.
Bitcoin (BTC), 3 months
Bitcoin has been trading in the $80,000 to $90,000 range for most of the past month, as investors take cues from the equities market absent a crypto-specific catalyst. David Hernandez, crypto investment specialist at 21Shares, noted it held above key technical support, signaling strong underlying demand.
“Despite the broader risk-off sentiment, crypto markets demonstrated incredible resilience relative to equities,” he said.
“Although the tariff rates were slightly higher than expectations, the announcement provided much-needed clarity on the scope and scale of the policy,” he added. “Markets thrive on certainty, and with speculation now largely removed, institutional investors may see an opportunity over the coming days to take advantage of compressed valuations.”
