Bitcoin Slips Below $87K as Crypto Market Rally Fizzles; Stocks Drop Ahead of Tariffs

The brief surge in crypto markets following President Donald Trump’s U.S. crypto reserve announcement has largely disappeared, with Bitcoin (BTC) and other major digital assets pulling back as investors shift their focus to broader economic concerns.

As of mid-afternoon U.S. trading, Bitcoin is hovering at $86,700, nearly erasing its gains from Sunday’s rally. Ether (ETH) has dropped below its pre-announcement level, while the ETH/BTC ratio has slid to 0.025—its lowest point in five years.

Altcoins highlighted by Trump—Solana (SOL), XRP, and Cardano (ADA)—have also retraced a large portion of their Sunday gains but remain slightly above pre-announcement prices.

“Crypto volatility remains high, with both BTC and ETH showing a put skew heading into the end of March,” noted QCP Capital in an investor update. “The broader risk asset market is also under pressure, as seen with the elevated VIX following the latest round of U.S. tariff escalations.”

Crypto-related stocks followed the downturn, with Core Scientific (CORZ) and Bitdeer (BTDR) giving up early gains and now trading lower. Semler Scientific (SMLR), a medical equipment firm known for its Bitcoin treasury strategy, has fallen 7.3% amid reports of a Department of Justice (DOJ) investigation into potential violations of federal anti-fraud laws related to its QuantaFlo product, according to Stat News.

Meanwhile, U.S. equity markets are struggling ahead of the implementation of Trump’s tariffs on Mexico, Canada, and China. The Nasdaq is down 1.1%, while the S&P 500 has slipped 0.8%. Semiconductor giant Nvidia (NVDA) has plunged 6.5% following news that three men in Singapore were charged in connection with a U.S. export controls breach.

“Investors are increasingly worried about U.S. economic growth and the effects of new tariffs set to take effect tomorrow,” said Jake Ostrovskis, OTC trader at crypto market maker Wintermute. “This uncertainty is weighing on equities and interest rates.”