Donald Trump’s tariff crackdown is certainly not on hold. After Mexico and China, Trump is also considering tariff rates on countries including India. As a result, the market is reacting negatively yet again.
Amid Anticipated Tariff News, US Stocks and Crypto Markets Fall
Trump is soon expected to announce auto tariffs. In response to this, US stocks fell back, and the three major indexes also closed down for the first time in nearly four trading days. The Dow stock went down 0.31%, the S&P 500 fell 1.12%; the Nasdaq fell 2.04%, the largest single-day drop since March 11.
Also, crude oil inventories fell more than expected, with US oil and Brent oil rising by nearly 1.8% and 1.6% respectively, hitting a new high this month. Moreover, Gold fell slightly by 0.1% from its highs, falling for the third time in these consecutive four days.
Another repercussion of the anticipated tariff rates is that the tech stocks are also declining, for example, Tesla and Nvidia falling more than 5%.
The volatility of the crypto market intensified, and Bitcoin fell below $86,000 due to the drag of US stocks. After the US stocks closed, it rebounded quickly and was reported at $87,500. Currently, Bitcoin is trading at $87,519.98, a slight drop of 0.45% in 24 hours. Not just Bitcoin, several other cryptos fell slightly, and Ethereum tried to stabilize at $2,000.
According to data by Coingecko, the global crypto market cap today is $2.96 trillion, a 2.7% change in the last 24 hours.
Also, the total cryptocurrency trading volume on the last day is at $93.2 billion. Bitcoin dominance is at 58.6% and Ethereum dominance is at 8.24%, pinpointing the negative undercurrents in the market situations.
In contrast to this dip, the US dollar index was mostly on the rise on Wednesday.
Want to understand how cryptocurrencies and stocks behave in such turbulent economic conditions? Here’s a deep dive into the differences in investing and risk.
