Meanwhile, the tech-heavy Nasdaq lost, and the Dow Jones Industrial Average futures sank by over 8%. Trading resource the Kobeissi Letter said in an April 6 post to X that the drop in US stock market futures puts S&P 500 futures in ”bear market territory,” adding that the US stock market has now erased an average of $400 billion per trading day for the last 32 days. Source: Kobeissi LetterTom Dunleavy, a managing partner at venture capital firm MV Global, said it could be the “worst three-day move for US stocks of all time” if “tonight’s futures hold.” Trump Administration doubles down on tariffsCrypto-friendly billionaire investor Bill Ackman speculates that US President Donald Trump could postpone the tariffs to allow countries to make counteroffers or deals.
In a statement, Charlie Sherry, head of finance at Australian crypto exchange BTC Markets, said the drop is unsurprising because global markets are generally more illiquid on Sundays.“As a result, a few large sell-offs can have a disproportionate impact, pushing prices down quickly,” he said. “There’s no mystery behind the trigger: President Trump’s recent tariff talk has rattled macro markets, with global trade relations suddenly looking uncertain.” Some traders, however, predict a Bitcoin breakout could be around the corner.
Cryptocurrency prices tumbled as the US stock futures market opened sharply lower on April 6 as the Trump administration doubled down on its global tariff strategy. The Trump administration hit all countries with a 10% tariff starting April 5, with some slapped at higher rates, including China at 34%, the European Union at 20%, and Japan at 24%.
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Author / Journalist: Cointelegraph by Stephen Katte
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