Coinbase and Strategy among crypto firms falling amid tariff chaos. ‘Start hunkering down’

Coinbase and Strategy among crypto firms falling amid tariff chaos. ‘Start hunkering down’
Markets
CEO Brian Armstrong's Coinbase was one of the companies caught in the crypto rut. Illustration: Darren Joseph; Photo: Coinbase
  • Crypto stocks are feeling the burn from Trump’s tariffs.
  • Coinbase and Strategy are among Monday’s losers.
  • Market analysts predict things will get worse from here.

Coinbase, Strategy and Block are among the stocks feeling the burn of US President Donald Trump’s tariffs.

Their drop comes amid a plunge that shaved almost 6%, or $246 billion, off the cryptocurrency market’s total value over the past 24 hours — and market watchers expect it to get worse before it gets better.

“Cryptocurrency markets have entered extreme fear mode,” Petr Kozyakov, co-founder and CEO at Mercuryo, told DL News.

Trump triggered the tumble among crypto stocks, digital assets, and wider markets last week when he unleashed a wave of tariffs upon both trading allies and rivals.

Crypto stocks fall

Coinbase’ stocks fell almost 6% to $152 at the Monday open. The drop came after Cathie Wood’s investment firm Ark Invest bought $13.4 million worth of Coinbase stock on Friday, according to The Block.

Michael Saylor’s aspiring “Bitcoin bank” Strategy dropped almost 8% to $270.69.

Block, X co-founder Jack Dorsey’s payments company that also offers Bitcoin services, fell just under 7% to $50.26.

Bitcoin mining firms Marathon, Riot and Hut 8 also fell by 1.5%, 2.5% and 1%, respectively.

Last week, Hut 8 announced a deal with the president’s sons, Eric and Donald Trump Jr., that would bring a portion of Hut 8’s mining capabilities under the aegis of a new company, American Bitcoin Corp.

Gamestop, which recently announced a private raise of $1 billion in order to add Bitcoin to its treasury, was up 3% to $24.24 at time of writing.

Several fintech firms are increasingly muscling into the crypto market to compete with native firms. Two of them, Robinhood and PayPal, were both up by roughly 2%.

S&P 500

Crypto market watchers don’t expect digital assets to recover any time soon.

“It’s likely that we’ll still go lower from here,” Carlos Guzman, analyst at crypto-trading firm GSR, told DL News.

“There are no apparent near-term positive catalysts for crypto that would justify a decoupling from the grim macro situation.”

Broader markets were not left unscathed. The S&P 500 and the tech-heavy Nasdaq 100 were down by 1.66% and 1.72%, respectively, when they opened on Monday.

Even Trump’s allies in the investment community are urging the president to reverse his policies.

“We are heading for a self-induced, economic nuclear winter, and we should start hunkering down,” Bill Ackman, the CEO of hedge fund Pershing Square and an outspoken supporter of Trump, said.

Andrew Flanagan is a markets correspondent for DL News. Have a tip? Reach out to aflanagan@dlnews.com.