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The stock market tumbled and meme coins plunged after swingeing Donald Trump tariffs sent shockwaves across the global economy on what the President called “Liberation Day” for the US.
The crypto market cap fell 1.5% to $2.67 trillion, while S&P 500 futures plunged 3.1% and the STOXX Europe 600 index was down 1.4% at 4.01 a.m. EST. Meme coins plummeted 6%, according to CoinGecko data.
Trump Tariffs: Administration Hits All Countries With 10% Tariff
In an executive order imposing the tariffs, Trump said the trading relationship between the United States and its trading partners “has become highly imbalanced, particularly in recent years.”
The pullback in the crypto market followed the announcement that the US will impose a 10% baseline tariff on all countries starting April 5.
Trump also announced in the Rose Garden in a speech yesterday that some countries will face larger rates. This includes a 34% tariff on China, 20% on the European Union, and 24% on Japan that will come into effect on April 9.
Trump said that the US is now charging countries “approximately half of what they are and have been charging us.”
🚨 @POTUS signs an Executive Order instituting reciprocal tariffs on countries throughout the world.
It’s LIBERATION DAY in America! pic.twitter.com/p7UnfE617B
— Rapid Response 47 (@RapidResponse47) April 2, 2025
Crypto Fear And Greed Index Drops As 24-Hour Liquidations Surpass $400M
Sentiment in the crypto market took a knock after Trump’s tariff announcements. The Crypto Fear and Greed Index, a tool used to gauge investor optimism and fear in the market, dropped from a “Fear” score of 44 to an “Extreme Fear” score of 25 in the last 24 hours.
Crypto liquidations also surpassed $488 million in the past day of trading, according to Coinglass data. The majority of the liquidations were from long positions, with $258.41 million wiped out of these trades.
Bitcoin and Ethereum traders took the biggest knock. Coinglass data shows $179.45 million was wiped off BTC positions, while ETH traders lost $88.75 million.
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