By George Glover
Cryptocurrencies were sliding on Thursday after yet another development surrounding President Donald Trump's tariff plans put investors in a risk-off mood.
Bitcoin was down 0.7% to $87,311 over the past 24 hours, according to data from the crypto exchange Kraken. It's now trading 26% below the record high it hit in January.
That wasn't the only token falling. XRP dropped 3.7%, Ethereum slid 1.9%, Solana tumbled 4.1%, and Cardano was down 3.7%.
Trump imposing 25% tariffs on automotive imports into the U.S. appeared to be what had cryptos trading in the red. While the president's trade policies aren't directly linked to digital-asset prices, forecasters worry that his levies could spark a flare-up in inflation and drag down growth. When the economy is weaker, investors tend to pivot away from risk-on assets like stocks and cryptocurrencies into safer havens like bonds and gold.
Write to George Glover at george.glover@dowjones.com
This 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.
(END) Dow Jones Newswires
March 27, 2025 05:20 ET (09:20 GMT)
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