Bitcoin Holds Steady Through Trade War Volatility, Earning Praise from Bernstein

Bitcoin Holds Strong Amid Tariff Shock, but U.S. Miners Face Headwinds: Bernstein

Bitcoin’s modest 26% retreat from its recent all-time high shows the asset’s growing resilience, Bernstein said in a Tuesday note, contrasting today’s price behavior with past crises that saw much steeper declines.

“In previous macro shocks — from COVID-19 to Fed tightening cycles — Bitcoin often cratered 50–70%,” analysts led by Gautam Chhugani wrote. “That hasn’t been the case this time.”

Instead, Bernstein argues that Bitcoin’s ability to weather the latest tariff-driven market volatility points to more stable and institutional demand. “The digital gold narrative is maturing, supported by ETF flows and corporate treasury allocations,” the firm said.

Still, not everyone in the crypto space is insulated. Tariff disruptions could spell trouble for U.S. bitcoin miners, particularly those dependent on overseas equipment and supply chains. Higher costs and logistical friction may translate to lower hashrates — the computational power behind Bitcoin mining.

That said, industry giants like Riot Platforms (RIOT), IREN (IREN), MARA Holdings (MARA), and CleanSpark (CLSK) may actually benefit from the shake-up. With scale, efficiency, and growing AI integrations, these firms could consolidate market share as smaller players struggle.

“Tariffs may hurt the sector broadly, but well-capitalized miners with optionality are positioned to come out stronger,” Bernstein concluded.