By Mackenzie Tatananni
MicroStrategy, Coinbase, and other cryptocurrency stocks fell in premarket trading Monday after President Donald Trump announced sweeping tariffs on imports from China, Canada, and Mexico.
MicroStrategy, the largest corporate holder of Bitcoin, was down 6% in early trading. Shares of Robinhood Markets, Coinbase, Mara Holdings, and fell 5.1%, 6.1%, and 6.2%, respectively. Bitcoin has fallen 2.5% over the past 24 hours to $95,321.
The declines came amid a broad market selloff that had the major indexes set to open in the red. S&P 500 futures fell 1.6%, Dow Jones Industrial Average futures declined 1.4%, and Nasdaq Composite futures were down 1.9%.
Fears of a global trade war hit the market over the weekend after Trump followed through with his promise to impose tariffs and long-time U.S. allies Canada and Mexico vowed to retaliate. Cryptocurrency, while borderless, often magnifies market volatility.
The global crypto market has shed more than $400 billion in value since Friday, according to crypto tracker CoinMarketCap. As of early Monday, the Crypto Fear and Greed Index was at 44, with anything below 50 representing a fear-based sentiment.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
February 03, 2025 07:49 ET (12:49 GMT)
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