U.S. cryptocurrency stocks fell in premarket trading on Thursday, April 3, after former President Donald Trump announced sweeping tariffs on multiple countries, raising global trade tensions and triggering a sell-off in riskier assets.
Crypto exchange Coinbase Global dropped about 4% to $82,000, while major bitcoin holder Strategy declined by 3%. Among cryptocurrency miners, MARA Holdings, Riot Platforms, and Bitfarms slid approximately 4%, 5%, and 6%, respectively. Bitcoin, the world’s largest cryptocurrency, fell 2.3%, while ether dropped 3.3%. Ethereum (ETH) lost 2.96% to trade at $1,823.34, while XRP declined 2.21% to settle at $2.05. Solana (SOL) recorded even steeper losses, shedding more than 9% of its value at one point. Bitcoin was trading at around $85,000 before the downturn.
Despite the Trump administration’s generally pro-crypto stance and a preference for lighter regulation, the broader economic instability driven by trade policy shifts continues to impact cryptocurrency markets. Some analysts, however, suggested that the losses in crypto assets were not as severe as in other sectors.
“The price action highlights crypto’s hyper-democratic and borderless nature, allowing investors worldwide to hedge against the potential impact of macroeconomic uncertainties,” David Hernandez, a crypto investment specialist at 21Shares, said in a note to Reuters.
Crypto exchange-traded funds (ETFs) could still see some inflows from retail investors looking for opportunities, according to Marco Iachini, senior vice president of research at Vanda Research. However, he cautioned that market uncertainty could slow down investment activity.
Trump’s tariffs, described as one of the most extensive in U.S. history, include a 10% baseline tax on all imports, a 25% levy on foreign-made cars, and reciprocal duties set at 50% of the rates imposed on American exports by other nations. The tariff plan affects 185 countries, including Nigeria, whose exports to the U.S. will now face a 14% tariff, up from the 27% tariff imposed by the U.S. on its imports from Nigeria.
Between 2015 and 2024, trade between Nigeria and the U.S. totaled N31.1 trillion, according to data from the Nigerian Bureau of Statistics (NBS). Imports accounted for N16.4 trillion during this period, making up 8.7% of Nigeria’s global exports.