
In This Story
Donald Trump’s trade-war fallout has lobbed about $4,553, or 5.5%, off the price of Bitcoin so far, as markets swing aggressively and billionaires call on the president to pause his tariffs.
Bitcoin slipped below $77,900 midday on Monday, down from $82,400 on Thursday. Relative to major indices, the price of the leading cryptocurrency had held relatively steady until Sunday as global markets plunged.
The second-leading token, Ether, has fared even worse since Trump’s tariffs announcements last week — plummeting about 13.7% since Thursday to $1,545.77. Over the same period, Ripple’s cryptocurrency XRP fell about 7.7% to $1.86.
So far, the crypto market’s reaction reflects the extent to which the price dips of leading tokens are linked to bad global markets news.
As for where the two overlap: Coinbase (COIN-5.18%) and MicroStrategy (MSTR-11.01%) fell 4% and 10.9%, respectively, midday Monday. Likewise, Bitcoin mining stocks sank more than 10% on Monday as the hashprice — a measure of mining revenue — fell to $42.40, per CoinDesk.
Since the beginning of the year, Bitcoin and Ether have fallen roughly 16.7% and 20%, respectively.
Leave a Reply