The Nasdaq Composite plunged nearly 6% Thursday, clocking one of its worst single-day drops in over two decades — but Bitcoin didn’t flinch. As tech stocks got slammed following President Trump’s surprise tariff announcement, Bitcoin quietly ticked up and held above key levels, signaling surprising strength in a shaky week.
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Tech Stocks Collapse after Trump Tariff Shock
The sell-off began after Trump’s Wednesday night press conference, where he unveiled new “reciprocal” tariffs designed to counter what he called “currency manipulation and unfair trade barriers.” The announcement sent a chill through equity markets, with the Nasdaq crashing 5.5% and the S&P 500 down almost 5%.
Apple (AAPL) alone shed over $315 billion in market value Thursday, making it the second-largest single-day loss for any company in history. Amazon (AMZN) and Meta (META) also took major hits as the so-called “Magnificent Seven” stocks bled more than $1 trillion in value.
Bitcoin Holds Steady and Outperforms the Nasdaq
While Wall Street was in meltdown mode, Bitcoin held firm. The asset ended Thursday up 0.7% and pushed higher on Friday, climbing back above $84,000. That’s still below the $87,000 level it held before Trump spoke, but far stronger than its tech peers.
Analyst Caleb Franzen pointed out the divergence on X, posting, “It’s pretty remarkable to see that Bitcoin is up +3.4% today relative to the S&P 500, particularly in a risk-off environment.” He added that BTC continues to hold above its 200-day moving average — a key level that’s become a line in the sand for short-term traders.
Bitcoin’s Strength Raises Questions about Its Role
Franzen’s analysis, posted directly to his X account, suggested Bitcoin may be “decoupling” from traditional risk assets. But not everyone’s convinced. In a note to Investing.com, analysts warned that trading volumes on BTC remain below average. They suggested the price action could be driven more by a lack of selling than by strong new buying.
Still, in a week where tech crumbled, Bitcoin showed unusual grit. At the time of writing, Bitcoin is sitting at $82,667.
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