{"id":126583,"date":"2025-04-07T03:16:08","date_gmt":"2025-04-07T03:16:08","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126583"},"modified":"2025-04-07T03:16:08","modified_gmt":"2025-04-07T03:16:08","slug":"crypto-plunges-as-trump-tariff-medicine-brutalizes-global-stock-markets","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126583","title":{"rendered":"Crypto plunges as Trump tariff 'medicine' brutalizes global stock markets"},"content":{"rendered":"

Source: Cointelegraph.com NewsCryptocurrency prices tumbled as the US stock futures market opened sharply lower on April 6 as the Trump administration doubled down on its global tariff strategy.
\nThe Trump administration hit all countries with a 10% tariff starting April 5, with some slapped at higher rates, including China at 34%, the European Union at 20%, and Japan at 24%.
\nBitcoin (BTC) dropped over 6% in the last 24 hours and was trading around $77,883. Meanwhile, Ether (ETH) shed over 12% in the same time frame and was trading at $1,575, according to CoinGecko. The total crypto market cap dropped over 8% to $2.5 trillion.\u00a0
\nPrices have clawed back some losses since. Bitcoin has recovered 1.4% to $78,500. Meanwhile, Ether regained $1,594.
\nSource: Autism CapitalAt the same time, the Crypto Fear & Greed Index, which measures market sentiment for Bitcoin and other cryptocurrencies, returned a score of 23 in its latest April 7 update, which is considered extreme fear.
\nIn a statement, Charlie Sherry, head of finance at Australian crypto exchange BTC Markets, said the drop is unsurprising because global markets are generally more illiquid on Sundays.
\n\u201cAs a result, a few large sell-offs can have a disproportionate impact, pushing prices down quickly,\u201d he said.\u00a0
\n\u201cThere\u2019s no mystery behind the trigger: President Trump\u2019s recent tariff talk has rattled macro markets, with global trade relations suddenly looking uncertain.\u201d\u00a0
\nSome traders, however, predict a Bitcoin breakout could be around the corner. BitMEX co-founder Arthur Hayes has also speculated that while the tariffs are rattling markets, they could result in a Bitcoin rally.\u00a0
\nThe US Stock Futures market has also opened down.
\nFutures tied to the S&P 500 dropped nearly 4%, according to Google Finance. Meanwhile, the tech-heavy Nasdaq lost, and the Dow Jones Industrial Average futures sank by over 8%.\u00a0
\nTrading resource the Kobeissi Letter said in an April 6 post to X that the drop in US stock market futures puts S&P 500 futures in \u201dbear market territory,\u201d adding that the US stock market has now erased an average of $400 billion per trading day for the last 32 days.\u00a0
\nSource: Kobeissi LetterTom Dunleavy, a managing partner at venture capital firm MV Global,\u00a0said\u00a0it could be the \u201cworst three-day move for US stocks of all time\u201d if \u201ctonight\u2019s futures hold.\u201d\u00a0
\nTrump Administration doubles down on tariffs
\nCrypto-friendly billionaire investor Bill Ackman speculates that US President Donald Trump could postpone the tariffs to allow countries to make counteroffers or deals.
\nIn an April 6 statement on his social media platform, Truth Social, Trump doubled down on the tariffs, saying the US has massive financial deficits with China, the European Union and many others, which the levies will solve.
\nRelated: \u2018National emergency\u2019 as Trump\u2019s tariffs dent crypto prices
\n\u201cThe only way this problem can be cured is with TARIFFS, which are now bringing tens of billions of dollars into the USA. They are already in effect, and a beautiful thing to behold,\u201d he said.
\nHe also told reporters aboard Air Force One that he wasn’t intentionally trying to cause a market sell-off but added that \u201csometimes you have to take medicine to fix something.\u201d\u00a0
\nAt the same time, US National Economic Council Director Kevin Hassett said in an April 6 interview with ABC’s This Week program that more than 50 countries have reached out to the president to negotiate fresh trade deals.
\n\u201cThey\u2019re doing that because they understand that they bear a lot of the tariff,\u201d he said.\u00a0
\nUS Treasury Secretary Scott Bessent urged US trading partners in an April 2 interview with Bloomberg against taking retaliatory steps, arguing \u201cthis is the high end of the number\u201d for tariffs if they don’t try to add more levies in response.\u00a0
\nMagazine: Financial nihilism in crypto is over \u2014 It\u2019s time to dream big againRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsCryptocurrency prices tumbled as the US stock futures market opened sharply lower on April 6 as the Trump administration doubled down on its global tariff strategy. The Trump… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126583"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126583"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126583\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126583"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}