Bitcoin prices immediately rose up during Friday, reversing a trend that was initially started when Trump’s new tariffs had become unveiled this week. Bitcoin plunged Wednesday when President Donald Trump announced a package of “reciprocal” tariffs, shocking the markets and sapping investors’ appetite for risk.
The recovery did not extend to several other crypto-related stocks. Shares of the Robin Hood market (HOOD), which facilitates cryptocurrency trading, were down by 11% from Thursday’s close, while shares of Coinbase Global (COIN), a crypto exchange operator, were down by 7%.
Crypto mining company Mara Holdings’ (MARA) shares lost about 1%. Shares of Strategy (MSTR), a Bitcoin buyer previously known as MicroStategy, were recently more than 3% higher on the day.
Bitcoin remains well below the six figure prices it fetched in February when investors were optimistic that Trump’s policies would bolster cryptocurrency.
The total market cap of cryptocurrency is around $2.6 trillion, having shrunk from more than $3.7 trillion in late 2024, according to CoinMarketCap data.
