The cryptocurrency market took a nosedive Thursday, with Bitcoin and its digital cousins feeling the heat after President Donald Trump dropped a surprise tariff bombshell that rattled investors worldwide.

During a dramatic address from the White House Rose Garden on Wednesday, Trump announced sweeping tariffs—10% on a broad range of imported goods, with even steeper levies for countries he claims engage in “unfair trade practices” with the U.S. The news initially sparked a flicker of optimism in the markets, with U.S. stocks and cryptocurrencies briefly surging. But that hope was short-lived. Once the dust settled, reality hit hard—these tariffs were more aggressive than Wall Street had expected.

Bitcoin, which had been riding high above $87,000, took a sharp tumble, sliding below $82,000—a 5% drop that left many investors scratching their heads. Ethereum didn’t fare much better, dipping below the $1,800 mark, while XRP struggled to hold its ground above $2 after a 7% drop.

Amid the chaos, MicroStrategy’s Michael Saylor, tried to sprinkle some optimism on the situation with a bold tweet: “There are no tariffs on Bitcoin.” The comment was meant to be reassuring, but it only fueled a flood of skeptical replies. Investors flooded his post with questions like, “ why is the price dumping then?”

MicroStrategy’s commitment to Bitcoin remains strong. Just last month, the company announced a substantial $2 billion acquisition of Bitcoin, purchasing 22,048 BTC to add to its existing holdings. As of now, MicroStrategy holds a total of 528,185 Bitcoins, valued at approximately $35.63 billion in fiat currency.

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