Leading cryptocurrencies held steady Thursday, even as President Donald Trump's tariff moves battered stock markets.

Bitcoin dipped below $82,000 in the early trading hours but recovered to $83,000 by evening. Ethereum followed a similar U-shaped trajectory.

Leading cryptocurrencies displayed resilience on Thursday, remaining largely unaffected by steep declines in the U.S. stock market.

What Happened: Bitcoin price slipped into the low $82,000 territory in the early trading hours but recovered to trade above $83,000 by evening. Ethereum followed a similar U-shaped trajectory, falling to lows of $1,750 before reclaiming the $1,800 level later in the day.

Bitcoin continued to witness capital rotation away from altcoins, with its market dominance rising to 62%. In fact, CoinMarketCap’s Altcoin Season Index flashed a “Bitcoin Season” at press time.

A total of nearly $247 million was liquidated from the market in the last 24 hours, with more than $170 million in upside bets wiped out.

Bitcoin’s Open Interest mirrored spot price moves, marginally gaining 0.63% in the last 24 hours.

The Long/Short Ratio fell sharply, suggesting an increase in traders betting against Bitcoin’s price increase.

The market sentiment improved from "Extreme Fear" to "Fear," according to the Crypto Fear and Greed Index.

Top Gainers (24 Hour)

The global cryptocurrency market cap now stands at $2.67 trillion, showing a 0.12% decrease over the last 24 hours.

On the other hand, U.S. stocks suffered their worst rout in more than five years on Thursday as President Donald Trump's tariff moves battered investor sentiment and sparked fears of a full-blown trade war and economic slowdown.

The Dow Jones Industrial Average crashed 1,679.39 points, or 3.98%, to close at 40,545.93. The S&P 500 tumbled 4.84%, ending at 5,396.52. The two blue-chip averages recorded their worst single-day declines since June 2020. The tech-heavy Nasdaq Composite plummeted 5.97% to end at 16,550.61.

Thursday's sell-off came in reaction to Trump's worse-than-expected reciprocal tariff rollout on Wednesday.

The administration announced 25% tariffs on all remaining goods from China, and China immediately responded with tariffs of the same magnitude on U.S. products.

The move was widely expected, but the broad scope of the tariffs—affecting nearly every product category—surprised investors and traders.

Pointing to the relative lack of volatility in the crypto market, blockchain analytics firm Santiment said Bitcoin was "relatively insulated" from the tariff-fueled volatility due to its "intangible and borderless nature."

"Unlike traditional stocks, cryptocurrencies aren’t typically impacted by trade disruptions or international supply chain concerns triggered by political decisions," Santiment stated in its latest analysis.

However, it added that some volatility in crypto prices can be attributed to linkages to global economic health and derivatives market activity.

Its analysis further noted that Bitcoin price showed "no immediate response" to the U.S. stock market rout, highlighting the evolving narrative of the world's largest cryptocurrency.

"It's also worth noting that BTC showed no immediate response to the S&P500's worst day since June 2020. Narratives are changing in the crypto market, and it will be interesting to see if this impacts the market in the long run."

According to a report by CCData, a digital asset data provider, more than $170 million in Bitcoin futures were liquidated on BitMEX in the past 24 hours.

The majority of liquidations occurred on the platform's Longs at 8x leverage at the price point of $82,000.

Moreover, the Crypto Fear and Greed Index moved from "Extreme Fear" to "Fear," indicating a slight improvement in market sentiment.

The global cryptocurrency market cap now stands at $2.67 trillion, showing a 0.12% decrease over the last 24 hours.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular blockchain analytics firm Santiment said Bitcoin was "relatively insulated" from tariff-fueled volatility due to its "intangible and borderless nature."

"Unlike traditional stocks, cryptocurrencies aren’t typically impacted by trade disruptions or international supply chain concerns triggered by political decisions," Santiment stated, while acknowledging some volatility owing to linkages to global economic health.

📉 Following Trump's tariff announcements yesterday, the S&P 500 is currently down -4.02% in Thursday trading. In the 2020's, there have only been 5 worse performing days:🗓️ March 16, 2020: -11.98%​🗓