U.S. crypto stocks dropped in premarket trading on Thursday following President Donald Trump’s harsh criticism of sweeping tariffs imposed on various countries. The move has shaken investor confidence amid escalating global trade tensions, resulting in a sell-off of riskier assets.
Crypto exchange Coinbase Global saw a decline of about 4%, bringing its value to $82,000, while major bitcoin holder Strategy dropped 3%. Among mining stocks, MARA Holdings, Riot Platforms, and Bitfarms lost around 4%, 5%, and 6%, respectively.
The widespread losses highlight the broader impact of the tariffs across multiple asset classes. Bitcoin, the largest cryptocurrency, fell 2.3%, while ether experienced a 3.3% dip. Ethereum (ETH) lost 2.96%, trading at $1,823.34, and XRP dropped 2.21%, settling at $2.05. Solana (SOL) faced even steeper losses, shedding over 9% at one point.
Before the latest downturn, Bitcoin (BTC) was trading around $85,000.
Despite the Trump administration’s willingness to embrace crypto with lighter regulation, the broader economic instability linked to the sector could still affect companies. Nevertheless, some analysts noted that the impact on crypto was less severe compared to other industries.
“The price action highlights crypto’s hyper-democratic and borderless nature, allowing investors worldwide to hedge against the potential impact of macroeconomic uncertainties,” said David Hernandez, a crypto investment specialist at 21Shares, in a note to Reuters.
Marco Iachini, senior vice president of research at Vanda Research, suggested that crypto exchange-traded funds could attract retail investors searching for opportunities. However, he cautioned that the flow could diminish if the market becomes more unstable.
Trump’s tariffs, which are among the most expansive in U.S. history, include a 10% baseline tax on all imports, a 25% levy on foreign-made cars, and reciprocal duties set at 50% of the rates imposed by other nations on American exports.
The proposal affects 185 countries, including Nigeria, which now faces a 14% tariff on its exports to the U.S., compared to the 27% tariff the U.S. imposes on its imports from Nigeria.
Between 2015 and 2024, Nigeria’s trade with the U.S. reached a combined N31.1 trillion, according to data from the Nigerian Bureau of Statistics (NBS). During this period, imports hit N16.4 trillion, accounting for 8.7% of the total.
