Crypto Markets Plunge After New U.S. Tariffs
Key Takeaways
On April 3, 2025, the crypto market experienced a sharp downturn. The trigger was newly announced U.S. tariffs by former President Donald Trump. These tariffs impacted not only global trade but also digital assets. Bitcoin (BTC) and Ethereum (ETH) lost several percentage points within a short period. Additionally, mass liquidations of leveraged positions led to further losses. Stock markets also came under heavy pressure, amplifying the downward movement in crypto.
U.S. Tariffs Send Shockwaves
Donald Trump announced new import tariffs: at least 10% on all goods, with higher rates for China (34%), Japan (24%), and the European Union (20%). This protectionist measure created global uncertainty. The markets reacted immediately. Bitcoin dropped from $88,500 to $83,500, and Ethereum fell from $1,934 to below $1,800. The total market capitalization of the crypto market fell by about 2% to around $2.68 trillion USD.
Massive Liquidations Deepen Price Losses
As prices declined, over $490 million USD in leveraged positions were liquidated. More than 160,000 traders were affected. The largest single liquidation occurred on Binance — an ETH/USDT trade worth $12 million USD was forcibly closed. Bitcoin futures accounted for $170 million of the liquidations, Ethereum contracts for $120 million. Another $50 million came from smaller altcoins.
Interestingly, both long and short positions were liquidated. $257 million were longs, and $232 million were shorts. This highlights how volatility impacted both sides of the market.
Sentiment Shifts to Fear Mode
Initially, there was hope for a quick recovery. But as the full impact of the tariffs became clear, sentiment turned negative. According to market analyst Rachael Lucas, trading volume rose by 46% — primarily due to institutional players adjusting their positions. Retail investors were more cautious. The so-called Crypto Fear & Greed Index dropped to 24 points — a clear sign of widespread fear. Just a week ago, the index was in neutral territory.
Stock Market Crash Pulls Crypto Down
Traditional financial markets also reacted sharply. S&P 500 futures lost around $2 trillion USD in market capitalization within 15 minutes. Tech stocks like Apple (-5.59%), Amazon (-4.50%), and Nvidia (-3.43%) recorded significant losses. This development spilled over into the crypto market. The increasing correlation between stocks and cryptocurrencies meant that both markets came under pressure simultaneously.
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Our Assessment
The current crypto market crash is a clear example of how strongly geopolitical decisions can impact digital assets. The new U.S. tariffs not only created economic uncertainty but also triggered a chain reaction: falling prices, high liquidations, and a drastic shift in sentiment. For you as an investor, this means you should always keep an eye on macro-political developments — they are increasingly having a direct effect on the crypto market.
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