Bitcoin, XRP, Ether Drop. Why Trump Tariffs Are Hitting Cryptos.

Bitcoin hit a record high of more than $122,000 in July. (ROMAIN COSTASECA/Hans Lucas/AFP via Getty Images)

Bitcoin and other cryptocurrencies fell early Friday after new U.S. tariff announcements shook markets and the dollar rose.

The price Bitcoin dropped 3.2% over the past 24 hours to $114,832, according to CoinDesk data. The price of the world’s largest crypto is now down about 6% since its record just above $122,000 in mid-July.

The price of Ether , the second-largest crypto, fell 2.5%; XRP was down 6.1%; and Solana dropped 9.5%.

President Donald Trump set a baseline tariff on imports from around the world of 10%, with some exceptions late Thursday. The White House also said Canadian imports would be subject to a 35% levy—one of the highest rates for a close trading partner.

S&P 500 and Nasdaq futures fell 0.7% and 0.8%, respectively.

Cryptos tend to trade as risk assets because during times of uncertainty investors tend to prefer safer assets such as government bonds.

Write to Elsa Ohlen at elsa.ohlen@barrons.com