(Reuters) – U.S.-listed shares of crypto companies tumbled on Monday, mirroring a sharp drop in bitcoin as escalating tariff tensions and fears of a global trade war triggered a broad retreat from risk assets.

Bitcoin fell as much as 5.5% to hit its lowest in 2025, and was last down 2.1%. Strategy, which holds billions worth of the token on its balance sheet, fell more than 7% and gave back much of the gains from the previous session.

Coinbase dropped 6%. Robinhood slid 4% after Barclays slashed its price target to $45 from $76, citing concerns the crypto market turmoil could weigh on the company’s transaction revenue this quarter.

Robinhood and Coinbase, locked in a battle for crypto market dominance, have surrendered most of their gains since Donald Trump’s presidential election victory in November.

Trump unveiled sweeping tariffs last week, which threatens to stall the momentum the crypto industry had gained under a president who promised to make the U.S. “the crypto capital of the planet”.

Though not directly hit by the new levies, crypto firms are still feeling the effects as the steepest trade barriers in over a century sap investor sentiment across markets. Billionaire investor Bill Ackman warned on Sunday the U.S. might be heading towards an “economic nuclear winter”.

The slide could also shake investors’ faith in bitcoin’s role as a safe-haven during times of turbulence. Advocates have long promoted the token as a hedge against both market volatility and currency fluctuations.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)