Bitcoin, XRP Tank. Cryptos Caught in Global Market Panic.
Elsa OhlenLike stocks, the world's foremost cryptocurrency, Bitcoin, was deep in the red early Monday as global markets deepened last week's selloff prompted by the Trump administration's tariffs.Bitcoin is down 6.7% to $76,978 over the past 24 hours, according to CoinDesk data, clawing back some losses earlier in the day.Altcoins fared worse. XRP, the digital coin used to settle and facilitate transactions on Ripple Labs digital payments platform, was down 14% to $1.78 while Ether fell by a similar amount to $1,507. Solana, Cardano and Dogecoin also fell double digits."Bitcoin is holding up better than altcoins because its market structure has fundamentally changed post-ETF, with demand now coming from retirement accounts, macro funds, and corporate treasuries like MSTR and GME," Eric Chen, CEO of Injective, a finance software firm, said.Despite losses over the past 24 hours, Bitcoin is holding up better than many stocks considering it is historically a highly volatile asset. It's down from about $83,000 a week ago, or about 6%. Meanwhile, the benchmark S&P 500 fell 9% and Nasdaq Composite also dropped 10% last week, and futures tracking the indexes indicated large further losses as Monday progresses.Cryptocurrencies, and Bitcoin in particular, has been increasingly trading in tandem with stocks and other riskier assets, even as it's often hailed by crypto enthusiasts as "digital gold."But despite the chaos in traditional markets, Bitcoin has emerged as a relative winner amid signs of decoupling from the broader market, 22V Research analysts noted."The new economy will be based on digital payments, and Bitcoin's 'outside the system' nature — free from tariffs and geopolitical entanglements — makes it a compelling asset," they said.Crypto-focused stocks also fell early Monday, with the largest corporate holder of Bitcoin, MicroStrategy, dropping 9.2% to $266.00 in premarket trading.MicroStrategy CEO Michael Saylor reiterated his support for Bitcoin Friday, posting on X that it "offers resilience in a world full of hidden risks."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.