Fallout from White House’s recent trade policies continues to plague global markets and crypto.
Bitcoin Has dropped 4.1% to $75,550. Ethereum is down 8.3% over the last 24 hours as President Donald Trump's tariffs on Chinese goods took effect past midnight Tuesday.
Ethereum is trading at the lowest level since March 2023, the biggest decline amongst the 10 largest tokens.
Bitcoin fell briefly below $75,000 on Tuesday evening, just three hours prior to the new tariffs. Bitcoin is roughly 30% lower than its January high above $109,000, right before Trump's inauguration.
Altcoins of major importance also saw losses. Dogecoin CoinGecko shows that Cardano and Solana are both down by 18% on the same day while Solana is down by 23.7%.
"It's been a miserable run for investors since the start of February, with more than $1.2 trillion in value wiped from the crypto market,” Pav Hundal, lead market analyst at Swyftx, told Decrypt. “The markets need a circuit breaker on sentiment as much as anything else."
CoinGlass data on liquidation shows a significant amount of market stress, totaling approximately $411 millions over the past 24 hours.
"This has been a very emotional journey," Hundal said. "Everyone's operating at extremes and there's no in-between."
Tariff tensions are on the rise
The crypto market's selloff mirrors broader financial market turmoil as Trump's tariff blitz over the past week has intensified the "trade war" between the world's two largest economies.
Asian markets opened sharply lower on Wednesday, with Japan's Nikkei 225 falling 2.6% by the midday break, and Australia's ASX 200 losing 2%.
It follows a 1.5% decline in the S&P 500 on Tuesday, bringing its losses since mid-February to nearly 20%, where it is now approaching bear market territory.
"We've entered a new era of protectionism, and what's worrying is we still have no more clarity on where it's all going to settle," Hundal argued. "All eyes now will be on how quickly the U.S. can barter new trade and non-trade deals."
Bond and yield markets are also experiencing significant movements.
Treasury 10-year Treasury The following are some of the ways to help you. Late Tuesday, the Dow Jones Industrial Average grew between 4.2% to 4.4%. This was one of the fastest intraday gains since World War II.
Also, on Tuesday, the first Treasury auction of three-year notes following Trump's Liberation Day witnessed the weakest demand since late 2023.
The drop-off for three-year notes has raised concerns about waning foreign investors' appetite for U.S. government as the trade tensions escalate to what some observers see as a "once-in-a-lifetime" breakdown.
Sebastian Sinclair is the editor
