Bitcoin and other cryptocurrencies were under pressure Thursday after President Donald Trump’s big tariffs reveal jolted the stock market.

The price of the flagship cryptocurrency was last 5% lower at $81,479.77, according to Coin Metrics. Ether fell 7% and the token tied to Solana dropped 13%.

Meanwhile, stocks cratered, with the broad market S&P 500 on track for its worst day since September 2022. Shares of Coinbase and MicroStrategy lost 9% and 7%, respectively.

Investors were rattled after Trump unveiled sweeping tariffs of at least 10% and even higher for some countries, intensifying fears of a global trade war.

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“Bitcoin moves at the intersection of narrative, liquidity, and leverage. Right now, it’s mostly trading like a high-beta macro asset, tracking real yields, rate expectations, and dollar strength,” said Ben Kurland, CEO at crypto research platform DYOR.

“Yields pulled back, risk assets caught a bid, and bitcoin responded instantly,” he added. “It’s not about crypto fundamentals today, it’s about global liquidity signals and positioning. When real rates dip and the dollar softens, bitcoin breathes.”

Bitcoin has been trading in the $80,000 to $90,000 range for most of the past month, as investors take cues from the equities market absent a crypto-specific catalyst.

Crypto markets showed resilience relative to equities, according to David Hernandez, crypto investment specialist at 21Shares, who noted that bitcoin holding above key technical support signals strong underlying demand.

“Although the tariff rates were slightly higher than expectations, the announcement provided much-needed clarity on the scope and scale of the policy,” Hernandez said. “Markets thrive on certainty, and with speculation now largely removed, institutional investors may see an opportunity over the coming days to take advantage of compressed valuations.”