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Cryptocurrencies pulled back with the broader market as investors gave back more than half of Wednesday's historic rally.
The price of bitcoin was last lower by more than 3% at $79,465.09, according to Coin Metrics. Ether dropped nearly 8% and Solana's SOL token tumbled more than 7%.
Meanwhile, the S&P 500 stock index lost 4.6%. Coinbase fell 8%, while bitcoin proxy Strategy lost 8%.
Investors are growing more and more worried that despite the short reprieve on some of the tariffs that President Donald Trump had paused on Wednesday — which stoked a broad market rally that propelled the S&P 500 to its biggest gain since 2008 — economic activity could still be slowed, as Trump singled out China with a much higher rate.
Many investors have been impressed by bitcoin's resilience since the tariff-fueled market volatility began a week ago. At the $79,000 level, bitcoin is hovering just under the $80,000 floor that has supported it for much of this year.
Bitcoin gains and losses have been comparable to those of the S&P 500 in recent days on paper. Most stocks, however, are not accustomed to the wild price swings bitcoin has become notorious for, and a single-digit move for bitcoin is often insignificant to its investors compared with the same move in a major stock index.
"While it's no secret that BTC is still closely tied to the daily fluctuations of the market and overall sentiment, its ability to hang in in the face of this recent bloodbath has been impressive," Read Harvey, an analyst at Wolfe Research, said in a note Wednesday. "This further leads us to view the coin as a reliable store of value, and with the market down almost double that of BTC in the past four weeks, its strength is on full demonstration."
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