In a day that felt like a scene from a tragic play, the United States stock market took a nosedive on April 4, losing more in value than the entire cryptocurrency market could ever dream of being worth. The specter of tariffs, conjured by none other than President Donald Trump, loomed large, casting shadows of fear and uncertainty over Wall Street.
On that fateful day, the stock market plummeted by a staggering $3.25 trillion—yes, you read that right! That’s about $570 billion more than the entire crypto market’s valuation of $2.68 trillion. Talk about a bad hair day for stocks! 💸
Nasdaq 100: Welcome to the Bear Market Club!
Among the so-called Magnificent-7 stocks, Tesla (TSLA) led the charge into the abyss with a 10.42% drop, followed closely by Nvidia (NVDA) at 7.36% and Apple (AAPL) at 7.29%. It was a veritable bloodbath, and the TradingView data was the grim reaper taking notes.
The Nasdaq 100, once a beacon of hope, now finds itself in the dreaded “bear market,” having fallen 6% in a single day. The Kobeissi Letter, a trading resource account, declared this the largest daily decline since March 16, 2020. If that doesn’t make you want to clutch your pearls, I don’t know what will!
“US stocks have now erased a massive -$11 TRILLION since February 19 with recession odds ABOVE 60%,” they lamented. The Kobessi Letter warned that Trump’s April 2 tariff announcement was “historic,” and if these tariffs keep coming, a recession will be as unavoidable as Monday morning. 😱
On April 2, Trump signed an executive order that established reciprocal tariffs on trading partners and a 10% baseline tariff on all imports. Because why not make things more complicated, right? Trump claimed these tariffs would be about half the rate that US trading partners impose on American goods. Sounds fair, doesn’t it? 🙄
Meanwhile, in the land of crypto, Bitcoin (BTC) stood tall, defying the odds while the stock market crumbled like a stale cookie. Crypto trader Plan Markus pointed out in an April 4 X post that while the entire stock market “is tanking,” Bitcoin is holding its ground. Who knew digital gold could be so resilient? 🪙
Even the skeptics were scratching their heads, noting the stark contrast between Bitcoin’s performance and the stock market’s downward spiral. Stock market commentator Dividend Hero, with a following of 203,200 on X, admitted he had “hated on Bitcoin in the past, but seeing it not tank while the stock market does is very interesting to me.”
Meanwhile, technical trader Urkel chimed in, saying Bitcoin “doesn’t appear to care one bit about tariff wars and markets tanking.” At the time of publication, Bitcoin was trading at $83,749, down a mere 0.16% over the past week. Not too shabby for a digital currency in a world gone mad!
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2025-04-05 09:02