Bitcoin (BTC) and US stock markets all sold off sharply after US President Donald Trump shook up financial markets by announcing a list of reciprocal tariffs on several countries.
On April 3, the S&P 500 saw a 4.2% drop at market open, its most significant single-day decline since June 2020. The Dow Jones Industrial Average fell 3.41%, to 40,785.41 from 42,225.32, while the Nasdaq Composite dropped 5.23%. Overall, $1.6 trillion in value was wiped out from US stock at the market open.
Bitcoin’s value dropped by 8%, but a positive is bulls seem capable of defending the $80,000 support level. These steep declines essentially stem from uncertainty surrounding the new tariffs and amplify investors’ concerns about impending recession.
Source: X
Data from CoinGecko suggests that the total crypto market has dropped 6.8% over the past 24 hours and it seems unlikely that