Bitcoin, XRP Price Fall Amid Tariff Fears. What's Next for Crypto After 'Liberation Day.'
By Elsa OhlenBitcoin and other cryptocurrencies spiked, then quickly retreated into the red as U.S. President Donald Trump announced reciprocal tariffs, marking a distinct escalation in global trade tensions.Bitcoin is down 1.6% to $83,136 over the last 24 hours, according to CoinDesk data. The price of the world's leading cryptocurrency by market value has struggled to consolidate at a level above $90,000 in the past month.Smaller digital coins followed a similar pattern. XRP, used to facilitate and settle transactions on Ripple's payment platform, is down 3.6% to $2.04, while Ethereum dropped 2.9% to $1,812.Futures tracking the S&P 500 were down 3.2% while futures tracking the Nasdaq 100 plunged 3.6% early Thursday.The escalating trade war again shows cryptos are increasingly trading like stocks, and that when signs of hampered trade or a souring economic climate appear, prices suffer.Trump, speaking in the Rose Garden at the White House Wednesday afternoon, declared broad tariffs of 10% on imported goods from around the world, with additional levies of those considered to have the most unfair trade practices toward the U.S.Cryptocurrencies and U.S. stocks briefly spiked as Trump began his speech, but then quickly dropped as it became clear the tariffs would be higher than many investors expected.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.