The carnage came as Trump told reporters that investors would have to take their medicine and he would not do a deal with China until the US trade deficit was sorted out. Beijing declared the markets had spoken on their retaliation plans.
The new tariff regime includes a baseline 10% levy on imports, with significantly steeper duties on key Asian trade partners: 34% on China, 24% on Japan, 46% on Vietnam, and 25% on South Korea. The European Union was hit with a 20% tariff.
Crypto Tracker
According to Fitch Ratings, the effective US import tax rate has soared to 22% under Trump, compared to just 2.5% in 2024—its highest level since 1910.Commodities and safe-haven assets also took a hit. Brent crude fell 6.5%, WTI dropped 7.4%, gold slid 2.4%, and silver plunged 7.3% on fears of slowing global demand. The yield on the 10-year U.S. Treasury dropped 8 basis points to 3.916% as investors rushed to safer assets. Fed funds futures rose sharply, pricing in a 25-basis-point rate cut by the end of the year.
As of 1:14 PM IST, Bitcoin was trading at $74,993, down 9.72% in the past 24 hours, having touched a low of $74,436. Ethereum plunged 18.4% to $1,467. The global cryptocurrency market cap fell 8.59% to $2.44 trillion.“Bitcoin has broken below $75,000 in worrying signs that the US market may be headed for a recession,” said Vikram Subburaj, CEO of Giottus.“Global markets are facing a broad sell-off, which has spilled into crypto,” said Edul Patel, Co-founder and CEO of Mudrex, adding that investor sentiment remains weak and a disclosure on U.S. crypto holdings later today could trigger a relief rally.
Also Read: Stock Market Crash: Rs 19 lakh crore wiped out as Sensex starts with whopping 3,000-pt cut, Nifty below 21,800
Altcoins saw sharper declines. XRP fell 19%, Solana 18%, Dogecoin 20%, Cardano 18%, and BNB 10%. Toncoin, Chainlink, Avalanche, and Shiba Inu dropped between 11–17%.
Bitcoin’s market capitalization declined to $1.490 trillion, with its dominance rising to 62.65%. Trading volume surged 336.5% to $58.54 billion, while stablecoin transactions accounted for 94.16% of total crypto trading, reaching $115.28 billion, according to CoinMarketCap.
“Technical indicators suggest that Bitcoin is approaching a “death cross,” where the 50-day moving average crosses below the 200-day moving average, potentially signaling further bearish momentum. Analysts are closely monitoring support levels around $75,000 and resistance near $80,000 to assess potential future price movements,” said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.
Also Read: Wall Street’s old man Warren Buffett made $13 billion while billionaires are losing billions in market crash
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
