Crypto stocks took a significant hit in pre-market trading, with Japan’s Metaplanet dropping 9.44% and SBI Holdings falling 3.60%. U.S.-listed Coinbase and MicroStrategy saw declines of over 5.9%, while mining stocks like MARA Holdings and Riot Platforms dropped 6%. The T-Rex 2x Long MSTR Daily Target ETF, which aims to deliver 200% of MicroStrategy’s daily returns, was down 9.6%. This turmoil in the crypto market comes as U.S. futures indicate further losses for Bitcoin, which often mirrors U.S. stock market movements. S&P 500 futures slid 1.4%, Dow Jones futures fell 1.2%, and Nasdaq 100 futures lost 1.7%. The crypto market’s downturn was triggered by President Trump’s tariffs on imports from Canada, Mexico, and China, causing a 25% drop in major cryptocurrencies like XRP and ether.
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