Cross-Border Trade War Hits Borderless Bitcoin — WSJ

By Eliot BrownCrypto investors aren't doing well early on in the trade war.Bitcoin-touted as a borderless, digital store of value-is down more than 4% over the last 24 hours, after the White House instigated cross-border tariffs. Other cryptocurrencies are faring worse. Ether, a major alternative for bitcoin, is down 17%, Ripple is down 18% and Dogecoin is down 17%.In all, cryptocurrencies have lost over $400 billion in value since Friday, according to crypto website CoinMarketCap.Once promoted as an investment that acts independently of stocks, cryptocurrencies often magnify broader market swings. They often surge when the market embraces riskier assets-and tumble when stock investors turn risk-averse.The digital assets have been standouts of a bet on the Trump presidency, with Bitcoin rising about 40% since election day, in an apparent belief that his pro-crypto policies would boost the market.The memecoins launched and largely owned by the Trump family took a particularly large hit over the weekend. The $TRUMP token is down more than 16% over the past 24 hours and the $MELANIA token is down over 11%.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).