It’s been a tumultuous start to April, as global markets experienced significant downturns, with U.S. equities and cryptocurrencies reacting sharply to escalating trade tensions.
The U.S. stock market has shed a staggering $9.6 trillion in value since President Donald Trump’s second-term inauguration in January. Notably, $5 trillion of that decline occurred over just the past two days, marking the largest two-day loss on record.
The tech-heavy Nasdaq Composite Index is now on the verge of confirming a bear market, having plunged over 20% from its December 2024 peak of 20,173.89.
Meanwhile, JPMorgan Chase now places a 60% probability on a U.S. economic recession, underscoring growing investor pessimism.
Tariffs Spark Panic
This dramatic decline is largely attributed to Trump’s sweeping 10% tariff on all U.S. imports, a move that particularly impacts tech exporters in China, Taiwan, and Vietnam. In retaliation, China slapped a 34% tariff on U.S. goods, further exacerbating market anxieties.
Big Tech Bears the Brunt
Major technology firms have been among the hardest hit. Apple’s stock has dropped 12.5% amid tariff concerns on Chinese-made products, while Tesla shares have crashed 37% due to political blowback and weakening sales.
Other tech giants — including Alphabet, Microsoft, Meta, Amazon, and Nvidia — have also reported sharp losses as investor sentiment continues to sour.
Crypto Volatility Returns
The crypto market has not escaped the turmoil. Bitcoin briefly dipped between 1% and 2% in the past 24 hours, falling in tandem with China’s retaliatory tariffs and broader equity sell-offs. However, BTC has since rebounded and is now trading around $83,263.
Despite the turbulence, both short-term and long-term holders have been accumulating Bitcoin since the start of April. This trend signals investor confidence in BTC’s resilience as a hedge against traditional market volatility.
