Bitcoin, XRP, Other Crypto Prices Are Under Pressure. How Far They Could Fall.

By Elsa OhlenBitcoin, XRP and other cryptocurrencies were under pressure early Friday as stock futures continued to drop after China retaliated with 34% tariffs on American goods.The largest cryptocurrency Bitcoin traded at $82,163 early Friday, falling 1.1% over the last 24 hours, according to CoinDesk data. XRP, the digital coin used to facilitate and settle payments on Ripple's payment platform, was up 0.3% to $2.04.Meanwhile, futures tracking the S&P 500 were down about 3%, after the benchmark index plunged 4.8% Thursday.Bitcoin dropped below $82,000 Thursday, amid a sharp decline in stocks. The three main indexes had their worst day in five years after President Donald Trump announced higher-than-expected reciprocal tariffs on countries all over the world.On Friday, China said it will impose a 34% retaliatory tariff on all U.S. goods from April 10."Retaliatory tariffs, potential provocations and verbal interventions will be an excellent basis for increasing volatility in the cryptocurrency market," Tracy Jin, COO of crypto exchange MEXC, said.A slowdown in the U.S. economy due to tariffs could also push the Federal Reserve to resume the interest rate cutting cycle, which, combined with the fall in Treasury yields and the weakening dollar, has a restraining effect on cryptocurrency and indexes, Jin added. The next Fed decision will be on May 7.Bitcoin may end April in the $76,000 — $78,000 range, with a potential drop to $52,000 — $56,000 during the summer, according to Jin.Among other cryptos, Ether traded down 0.5% at $1,784 while Solana rose 0.7% to $115. Memecoin Dogecoin gained 1.3%, according to CoinDesk.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.