Bitcoin, and the other top cryptocurrencies fell to their lowest price in at least one week on Friday. Stock markets were also rattled by inflation figures that exceeded expectations.
Bitcoin is down about 4 percent on Friday at $83,736. It's down just 0.4% on the week, but the Friday slide has cooled rising momentum seen in recent days.
In the past 24 hours, other top-tier coins also suffered sharper drops. Ethereum fell 6%, to $1.875; XRP dropped 7%, to $2.17. The two coins also hit their lowest weekly levels on Friday, along with Bitcoin.
Solana, Dogecoin and other coins are in the red on Friday. They have fallen 6%, 4.5% and 4% respectively, over the previous day. However, both coins still remain positive over the week.
Data from CoinGlass shows that despite the recent declines in crypto prices, liquidations are up, with more than $450m as at this time. With a combined total of $402 million in long positions, Ethereum has the highest contribution to the liquidations. Bitcoin comes in second at $118 Million.
Both the Dow and S&P 500 indices are down more than 2% Friday, with traders reacting to continued inflation fears and the impact of Trump's ever-evolving trade tariffs on other nations. The Personal Consumption Expenditures Price Index (PCE) rose 0.4% in February, as reported Friday—a higher market than expected and the biggest monthly leap in more than a year.
"Today's price action shows that investors are not ready for a long-term tariff engagement by the U.S.," Mark Connors, chief investment strategist for Bitcoin investment advisory Risk Dimensions, told Decrypt. "Portfolio managers are taking risk off the table to fight another day, until the impact of tariffs have greater clarity."
Nvidia's stock is down about 1.5% on the day, while the Nvidia-backed cloud computing firm CoreWeave—which began trading Friday—is down by about 1% as of this writing.
Coinbase has fallen by almost 7% and Strategy (MSTR), which is down around 10%, are also suffering a much greater loss than the rest of the market.
Connors also noted the Federal Reserve Bank of Atlanta's gloominess about GDP in the current quarter: "So today's move validates what Atlanta Fed GDPNow forecast has versus what the Street has. That, to me, is the real signal out of today."
Editor's note: This story was updated after publication with comment from an analyst.
