{"id":20828,"date":"2025-04-07T02:31:34","date_gmt":"2025-04-07T02:31:34","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20828"},"modified":"2025-04-07T02:31:34","modified_gmt":"2025-04-07T02:31:34","slug":"crypto-plunges-as-trump-tariff-medicine-brutalizes-global-stock-markets","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20828","title":{"rendered":"Crypto plunges as Trump tariff ‘medicine’ brutalizes global stock markets"},"content":{"rendered":"
\n

<\/p>\n<\/p>\n

\"Crypto<\/p>\n

Cryptocurrency 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.<\/p>\n

The Trump administration hit all countries with a 10% tariff starting April 5<\/a>, with some slapped at higher rates, including China at 34%, the European Union at 20%, and Japan at 24%.<\/p>\n

Bitcoin (BTC<\/a>) dropped<\/a> over 6% in the last 24 hours and was trading around $77,883. Meanwhile, Ether (ETH<\/a>) shed over 12% in the same time frame and was trading at $1,575, according<\/a> to CoinGecko. The total crypto market cap dropped<\/a> over 8% to $2.5 trillion.\u00a0<\/p>\n

Prices have clawed back some losses since. Bitcoin has recovered 1.4% to $78,500. Meanwhile, Ether regained $1,594.<\/p>\n

\"Crypto
\n

Source: <\/em>Autism Capital<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

At the same time, the Crypto Fear & Greed Index, which measures market sentiment for Bitcoin<\/a> and other cryptocurrencies, returned<\/a> a score of 23 in its latest April 7 update, which is considered extreme fear.<\/p>\n

In a statement, Charlie Sherry, head of finance at Australian crypto exchange<\/a> BTC Markets, said the drop is unsurprising because global markets are generally more illiquid on Sundays.<\/p>\n

\u201cAs a result, a few large sell-offs can have a disproportionate impact, pushing prices down quickly,\u201d he said.\u00a0<\/p>\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<\/p><\/blockquote>\n

Some traders, however, predict a Bitcoin breakout could be around the corner<\/a>. BitMEX co-founder Arthur Hayes has also speculated that while the tariffs are rattling markets<\/a>, they could result in a Bitcoin rally.\u00a0<\/p>\n

The US Stock Futures market has also opened down. <\/p>\n

Futures tied to the S&P 500 dropped<\/a> nearly 4%, according to Google Finance. Meanwhile, the tech-heavy Nasdaq lost,<\/a> and the Dow Jones Industrial Average futures sank<\/a> by over 8%.\u00a0<\/p>\n

Trading resource the Kobeissi Letter said<\/a> 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<\/p>\n

\"Crypto
\n

Source: <\/em>Kobeissi Letter<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Tom Dunleavy, a managing partner at venture capital firm MV Global,\u00a0said<\/a>\u00a0it could be the \u201cworst three-day move for US stocks of all time\u201d if \u201ctonight\u2019s futures hold.\u201d\u00a0<\/p>\n

Trump Administration doubles down on tariffs<\/h2>\n

Crypto-friendly billionaire investor Bill Ackman speculates that US President Donald Trump could postpone<\/a> the tariffs to allow countries to make counteroffers or deals.<\/p>\n

In an April 6 statement on his social media platform, Truth Social, Trump doubled down on the tariffs, saying<\/a> the US has massive financial deficits with China, the European Union and many others, which the levies will solve.<\/p>\n

Related: <\/strong><\/em>\u2018National emergency\u2019 as Trump\u2019s tariffs dent crypto prices<\/strong><\/em><\/a><\/p>\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.<\/p>\n

He also told<\/a> 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<\/p>\n

At the same time, US National Economic Council Director Kevin Hassett said<\/a> 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.<\/p>\n

\u201cThey\u2019re doing that because they understand that they bear a lot of the tariff,\u201d he said.\u00a0<\/p>\n

US Treasury Secretary Scott Bessent urged<\/a> 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<\/p>\n

Magazine: <\/strong><\/em>Financial nihilism in crypto is over \u2014 It\u2019s time to dream big again<\/strong><\/em><\/a><\/p>\n