Bitcoin, Crypto Stocks Fall After Trump Tariff News
Bitcoin fell late Wednesday after President Donald Trump’s latest tariff announcement roiled markets.
The leading cryptocurrency recently changed hands a bit above $83,000, dropping from near $88,000 just before Trump unveiled the trade policies late this afternoon.
Trump formally announced reciprocal tariffs that hit a broad swath of countries, including a range of large U.S. trading partners. Stocks had risen during the day, but many were hard hit in after-hours action.
Risk assets in particular pulled back, with the “QQQ” ETF tracking the tech-focused Nasdaq 100 index retreating some 4%.
Several crypto-related stocks also fell in after-hours trading. Strategy (MSTR), the big bitcoin buyer formerly known as MicroStrategy, was recently down about 7%. Crypto exchange Coinbase Global (COIN) fell 6%, while Robinhood (HOOD) dropped about 9%.