Cryptocurrencies Decline, Bitcoin Falls 4%

Cryptocurrencies retreated as US markets tumbled, with investors giving up more than half of their historic rally on Wednesday amid the escalating trade war between China and the US.

Bitcoin’s price fell about 4% to $79,158.62, according to Coin Metrics.

Ethereum’s value fell 8%. Solana’s value fell more than 7%.

Meanwhile, Coinbase’s value fell 6%, while Bitcoin proxy Strategy lost about 8%.

Many investors have been impressed by Bitcoin’s resilience since the tariff-induced market volatility began a week ago. At $79,000, Bitcoin’s value is hovering around the $80,000 low, a level that has supported it for most of this year.