Prices of major cryptocurrencies are down just about across the board after U.S. President Donald Trump threatened to slap a “massive increase in Tariffs” on Chinese products imported into the United States on Friday.
Bitcoin, the largest cryptocurrency by market cap, is down by about 2% at the time of press, according to The Block’s price page. Other top 10 assets are also down, including ETH, which dropped as much as 4.4% as well as over 3% for SOL and nearly 2% for XRP.
Crypto-related stocks appear to have fared even worse, with the three largest stocks by market cap, Robinhood (ticker HOOD), Mercado Libre (ticker MELI), and Coinbase (ticker COIN) down over 5%. Crypto exchange Bullish (ticker BLSH) and stablecoin issuer Circle (ticker CRCL), both of which went public earlier this year, are the worst-performing crypto stocks at press time, both down over 7%.
Meanwhile, BNB, the native token for the Binance-backed BNB Chain, seems to have bucked the trend and is up slightly in the past hour, according to The Block’s data. BNB this week rocketed to third place among free-floating cryptocurrencies by market cap, surpassing SOL and XRP.
Crypto is not alone in being spooked by Trump’s latest hawkish tariff position. Stock market indices like the Dow Jones dropped 540 points following a Trump Truth Social post claiming that China was keeping the world “captive” with its updated rare earth policy.
On Thursday, China’s Ministry of Commerce said foreign entities would need to obtain a license to export products that contain more than 0.1% of rare earth sourced from the country, among other stipulations.
That said, some crypto assets seem to be unaffected. Zcash, Horizon, and Dash, known for their privacy features, are all up double-digit percentages amid an emerging market “meta.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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