Bitcoin and Equities Plunge Amid Tariff-Driven Market Turmoil
Financial markets are experiencing significant turmoil due to President Trump's tariff announcements. Key points include:
- Hong Kong stocks fell 14%, the largest drop since the Asian Financial Crisis in 1997.
- Japanese and Taiwanese stocks each dropped by 10%.
- European indices like the FTSE 100, DAX, and CAC 40 decreased by over 5%.
- In crypto markets, Bitcoin declined 10% to below $75,000, while Ether plunged 22%. Other cryptocurrencies like XRP and SOL also saw losses exceeding 20%.
- Bitcoin dominance rose to 63%, a level not seen since early 2021.
- The CoinDesk 20 index lost almost 12% within 24 hours.
- The S&P 500 is down 20% from its all-time high, marking bear market territory.
- China's stock market fell 7%, with plans for stimulus measures to counteract tariffs.
- U.S. bonds have become a refuge, with the 10-year note up 8% year-to-date.
Upcoming events include:
- April 9: U.S. House Financial Services Committee hearing on digital asset securities laws.
- April 11: U.S. SEC Crypto Task Force Roundtable on crypto trading regulations.
Market movements show:
- BTC at $77,310.66 (-8.12%)
- ETH at $1,514.40 (-16.7%)
- CoinDesk 20 at 2,169.30 (-13.63%)
- S&P 500 futures down 3.98%
In derivatives, total bitcoin futures liquidations reached $58.8M, with longs making up nearly 75% of the total. Open interest in ether futures remains near record highs.
Token events include:
- April 8: Unlock of 35.96% of Tensor (TNSR) circulating supply worth $13.98 million.
- April 9: Movement (MOVE) unlock of 2.04% worth $15.13 million.
Market volatility is expected as countries respond to tariffs, keeping investor sentiment cautious.