By Brian Swint
Bitcoin and other cryptocurrencies were falling after making gains yesterday.
Digital assets are still seeing strong correlations with risk assets such as technology stocks on the Nasdaq exchange. Bitcoin, the oldest and largest cryptocurrency, rose more than 3% on Monday as the Nasdaq rebounded 2.3%, boosted by hopes that President Donald Trump's tariffs wouldn't be as damaging as feared.
By early Tuesday, however, some of the shine had come off. Bitcoin was down 0.4% over the past 24 hours. Futures for the Nasdaq slipped 0.1% in premarket trading.
Other coins were mixed. Ethereum fell 0.5% and XRP, the cryptocurrency used to settle transactions on the Ripple platform, retreated 1.5%. On the other hand, Solana was up 1.2% over the past 24 hours , Cardano added 2%, and Dogecoin saw a bump of 4.7% overnight.
Cyptos are known for their volatility, and it doesn't look like price swings are going to settle down any time soon. For the market in general, there's an unusually high amount of uncertainty about government policy and how it could impact the economy.
Earlier this month, the White House issued an order to establish a strategic reserve for Bitcoin and other cryptocurrencies, which would bolster demand. Trump last week said that he wants to make the U.S. the crypto capital of the world.
Write to Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 25, 2025 04:49 ET (08:49 GMT)
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