Bitcoin prices slid to $106,267 early Friday, extending a sharp pullback from last week’s record highs above $111,000. The cryptocurrency’s drop was largely driven by heightened market uncertainty surrounding U.S. President Donald Trump’s trade tariff agenda, prompting investors to lock in gains after a blistering rally.
Despite recent corporate interest—including GameStop’s $500 million Bitcoin purchase—and positive regulatory news, market sentiment remained cautious. The Securities and Exchange Commission (SEC) dropped its lawsuit against crypto exchange Binance, but this did little to lift Bitcoin’s momentum.
The appeal court’s decision on Thursday to temporarily uphold Trump’s tariffs, reversing a prior block from a trade court, added to the volatility. Analysts warned that ongoing legal sparring over the tariffs will likely amplify market uncertainty, keeping risk assets—including cryptocurrencies—under pressure.
Mixed Signals Weigh on Crypto Markets
The initial optimism from a potential tariff reprieve earlier in the week was short-lived as the appeals court reinstated the duties. Trump’s sharp criticism of the federal trade court decision and his hope for a Supreme Court resolution further muddied the waters.
- Bitcoin dropped 1.3% to $106,267.6 as of 05:44 GMT.
- Ether fell 3.1% to $2,642.11.
- XRP fell 3.1% to $2.2134.
- Solana dropped 4.3%, Cardano slid 5.6%, and Polygon fell 3.7%.
- Meme tokens like Dogecoin and $TRUMP saw sharp drops of 7.7% and 6.4%, respectively.
Economic concerns fueled by Trump’s tariff policies have already weighed on risk assets this year. However, a revised GDP estimate showed the U.S. economy contracted slightly less than initially feared in Q1, offering marginal support.
SEC Drops Binance Case as BNB Slips
On Thursday, the SEC voluntarily dismissed its civil case against Binance and its founder, Changpeng Zhao, with prejudice—closing the door on future action. The regulator had accused Binance of inflating trading volumes and facilitating unauthorized securities trading but has dropped these claims under new leadership in the Trump administration.
This move came months after Binance’s $4.32 billion settlement over anti-money laundering violations, and Zhao’s subsequent four-month prison term. However, Binance’s token BNB edged down 1.1% to $674.20, reflecting limited market enthusiasm over the dismissal.
Crypto markets are bracing for continued volatility, as macroeconomic uncertainties—especially the fallout from Trump’s tariffs—continue to weigh heavily on investor sentiment.