U.S. crypto stocks slid in premarket trading on Thursday after President Donald Trump slammed sweeping tariffs on countries.
The development has rattled investor confidence due to rising global trade tensions, sparking a sell-off in riskier assets.
Crypto exchange Coinbase Global fell about 4% to $82,000, while major bitcoin holder Strategy dropped 3%. Among miners, MARA Holdings, Riot Platforms and Bitfarms slipped about 4%, 5% and 6%, respectively.
The broad losses underscore the widespread fallout of the tariffs on multiple asset classes. Bitcoin, the biggest cryptocurrency, dropped 2.3%, while ether dived 3.3%.
with Ethereum (ETH) losing 2.96% to trade at $1,823.34, and XRP dropping 2.21% to settle at $2.05. Solana (SOL) experienced even steeper losses, shedding over 9% of its value at one point.
BTC was trading around $85,000 before the latest dip.
Even though the Trump administration has signaled a willingness to embrace crypto and adopt a lighter approach to regulation, broader economic instability tied to the sector could still impact companies.
Still, some analysts said the moves were less severe than 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,” David Hernandez, crypto investment specialist at 21Shares, told Reuters in a note.
Crypto exchange-traded funds may also attract some inflows from retail investors who will be hunting for opportunities, according to Marco Iachini, senior vice president of research at Vanda Research.
However, he said the size of the flow could reduce as things get a bit shaky.
Trump’s tariffs, described as one of the most extensive deployments in U.S. history, include:
A 10% baseline tax on all imports.
A 25% levy on foreign-made cars.
Reciprocal duties were set at 50% of the rates imposed on American exports by other nations.
The proposal spans 185 countries, including Nigeria, whose exports to the U.S. will now face a 14% tariff, compared to the 27% tariff claimed by the U.S. 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).
Within this period, imports totaled N16.4 trillion, accounting for 8.7% of Nigeria’s global exports.
