The crypto market slid Friday after President Donald Trump unveiled his modified “reciprocal” tariffs on dozens of countries.

The price of bitcoin
fell 3% to $113,231.41, while ether
and the Solana
token fell 6% and 5%, respectively.

The descent triggered a wave of long liquidations, which forces traders to sell their assets at market price to settle their debts, pushing prices lower. Bitcoin saw $228 million in liquidations across centralized exchanges in the past 24 hours, according to CoinGlass, and ether saw $262 million.

Crypto-linked stocks suffered deeper losses. Coinbase
led the way, down 16% following its disappointing second-quarter earnings report. Circle
fell 8.4%, Galaxy Digital
lost 5.4%, and ether treasury company Bitmine Immersion
was down %7.4. Bitcoin proxy MicroStrategy
was down by 8.7%.