Cryptocurrency-exposed stocks are declining as Bitcoin drops 3.5% to $84,163. The broader market is also retreating as investors worry about escalating trade tensions following President Trump's latest tariff announcements. TeraWulf leads declines (-8.32%), followed by MARA Holdings (-7.25%), while Coinbase is down 3.89% to $191.75 and Strategy falls 5.3% to $307.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Market Pressures Mount
Bitcoin plunged after Trump's decision to impose a 25% tariff on imported automobiles, adding to earlier tariffs on goods from Mexico, Canada, and China. The total crypto market cap has dropped 2.6% to $2.76 trillion, with Ethereum, XRP, and Dogecoin each declining over 6%. Contributing to volatility is the expiration of $14 billion in Bitcoin and Ethereum options today, which has already triggered $418 million in liquidated positions.
Meanwhile, GameStop's announcement to raise $1.3 billion for Bitcoin purchases has backfired, with its stock plunging 25% and wiping $2.8 billion off its market value. Analysts note cryptocurrencies are "lacking new incoming funds and new narratives" as market participants also eye upcoming U.S. inflation data and potential Federal Reserve responses.
Coinbase, Strategy, Semler Scientific (D1 Interval)
Bitcoin (D1 Interval)
Bitcoin is retesting the 50% Fibonacci retracement level, which was a strong support zone last month. The RSI continues its long-term bearish divergence following an unsuccessful breakout, while the MACD is on the verge of a bearish crossover. Source: xStation
