President Trump’s new tariffs on imports from Canada, Mexico, and China over the weekend have rattled both crypto and traditional markets. Crypto stocks, including U.S.-listed Coinbase (COIN) and MicroStrategy (MSTR), tumbled over 5% in pre-market trading on Monday. Mining stocks like MARA Holdings (MARA) and Riot Platforms (RIOT) also dropped 6%.
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Global Markets Feel the Impact
The shock wasn’t confined to the U.S. In Asia, Japan’s Metaplanet (JP:3350), often compared to MicroStrategy for its Bitcoin holdings, saw its stock dive 9.44%. Meanwhile, crypto venture fund SBI Holdings (OTC:SBHGF) fell 3.60%. Across Europe and Asia, stock markets declined, and the U.S. dollar edged higher, signaling a shift away from riskier assets.
Crypto Majors Lose Ground
Major cryptocurrencies didn’t escape the carnage. Ether (ETH-USD) and XRP (XRP-USD) plunged by 25%, mirroring fears spreading across global markets. With S&P 500 futures down 1.4% and the tech-heavy Nasdaq 100 losing 1.7%, Bitcoin may face further pressure, given its historical correlation with U.S. equity markets.
Given the market turmoil, staying informed is crucial for investors navigating this volatility. Platforms like TipRanks offer a valuable resource to explore and compare crypto stocks and cryptocurrencies.
