U.S. cryptocurrency-related stocks stumbled in premarket trading Thursday following former President Donald Trump unveiling of expansive new tariffs, a move that reignited global trade concerns and sparked a retreat from risk-sensitive assets.
Shares of major crypto exchange Coinbase Global dipped roughly 4% to 82,000, other tokens, including XRP and Solana (SOL), saw steeper losses, with SOL plummeting over 9% at one point. Bitcoin had hovered near $85,000 prior to the downturn.
Analysts noted that while the Trump administration has historically supported lighter crypto regulation, the sudden shift toward aggressive trade policies injected volatility into markets. David Hernandez, a crypto investment specialist at 21Shares, emphasized crypto’s unique position in a note to Reuters: “The price action highlights crypto’s hyper-democratic and borderless nature, allowing investors worldwide to hedge against the potential impact of macroeconomic uncertainties.”
Marco Iachini, senior vice president of research at Vanda Research, suggested crypto ETFs might still attract retail investors seeking opportunities but warned that broader market uncertainty could dampen activity. Trump’s proposed tariffs—described as among the most sweeping in U.S. history—include a 10% baseline tax on all imports, a 25% duty on foreign-made vehicles, and reciprocal levies matching 50% of the rates other nations impose on American goods. The policy targets 185 countries, including Nigeria, which will now face a 14% tariff on exports to the U.S., up from the previous 7% rate.
Trade data from Nigeria’s Bureau of Statistics (NBS) revealed that U.S.-Nigeria commerce totaled N31.1 trillion between 2015 and 2024, with Nigerian imports from the U.S. accounting for N16.4 trillion. Analysts speculate that escalating trade barriers could further strain global markets, with crypto assets remaining vulnerable to macroeconomic shocks despite their decentralized appeal.
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