Bitcoin, the leading cryptocurrency, is under pressure lately. Its recent declines accelerated after President Donald Trump yesterday said that tariffs on Mexico and Canada would go into effect on March 4 and an additional 10% in levies would be imposed on China.
Cryptocurrency-linked stocks are dropping Friday with bitcoin (BTCUSD) trading around $80,000, more than a quarter off its January peak.
Bitcoin, the leading cryptocurrency, is under pressure lately. Its recent declines accelerated after President Donald Trump yesterday said that tariffs on Mexico and Canada would go into effect on March 4 and an additional 10% in levies would be imposed on China.
Investors view tariffs as likely to slow growth and stoke inflation, which could scuttle the chance of interest rate cuts this year and make non-yielding risk-on assets like bitcoin less attractive.
Bitcoin is now in bear market territory, having fallen well over 20% from its record high level of around $109,000 set last month. It is currently at levels last hit in October before Trump, seen viewed as a pro-crypto candidate, was reelected. More recently, though, they've come off the sub-$80,000 levels hit overnight.
Shares of cryptocurrency exchange Coinbase Global (COIN) and Marathon Digital parent company MARA Holdings (MARA) and bitcoin mining and infrastructure company Riot Platforms (RIOT) were falling more than 3% premareket. Shares in trading app Robinhood (HOOD) were also lower.
Business intelligence and bitcoin treasury company Strategy (MSTR), formerly known as MicroStrategy, is down around 2%. The company said Monday it had again expanded its bitcoin holdings, acquiring nearly $2 billion more of the digital currency.
Meanwhile, regulators have lately continued to upend Biden-era crypto enforcement The Securities and Exchange Commission confirmed late Thursday it is recommending the dismissal of a two-year lawsuit against Coinbase days after Robinhood said the regulator had told the trading app operator it wouldn’t face any penalties over its cryptocurrency business.
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