- Ethereum falls almost 17%.
- Global stocks markets plunge into corrections.
- Investors brace for US market open with Nasdaq already in bear territory.
The crypto market wasn’t spared from President Donald Trump’s decision to slap dozens of nations with punishing import tariffs.
On Monday, Bitcoin dipped below $76,000 and was down almost 8% over the last 24 hours; the top cryptocurrency has tumbled 30% since Trump was inaugurated on January 20, according to CoinGecko.
And Ethereum, XRP, Solana, and Cardano were hit even harder, falling more than 15%.
“Cryptocurrency markets have entered extreme fear mode,” Petr Kozyakov, Co-Founder and CEO at Mercuryo, told DL News.
“Trump’s tariff regime has created the real and pressing danger of a global recession and it is seemingly impossible to second guess his next move.”
Billions lost
The crypto market has lost more than $245 billion in value in the last 24 hours, according to CoinGecko. The market has essentially settled back to the level it was when Trump was elected on November 7.
Investors fled the capital markets across the board, not just crypto.
The Chinese stock market dropped 8% on Monday and extended its rout after the country issued retaliatory 34% tariffs on the US on Friday.
Japan’s Nikkei 225 index has officially entered a bear market, while the MSCI Asia Pacific Index dropped the most since 2008.
Germany’s DAX index, a basket of the 40 largest companies in Europe’s largest economy, plummeted more than 10% on Monday before rebounding a bit.
Futures for the S&P 500 and tech-heavy Nasdaq are down roughly 4% ahead of the opening bell.
The VIX, a measure of volatility in the stock market known as the fear index, soared to levels not seen since March 2020.
Even die-hard Trump supporters are blinking.
Bill Ackman, the CEO of Pershing Square, a New York hedge fund, called on Trump to execute a 90-day pause on tariffs and said that the US is destroying confidence in the country as a trading partner.
And if he doesn’t?
“We are heading for a self-induced, economic nuclear winter, and we should start hunkering down,” Ackman, an outspoken supporter of the president, said.
Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.