U.S. markets wipe out $9.6t as Bitcoin shows some resilience

It’s been a tumultuous start to April, as global markets experienced significant downturns, with U.S. equities and cryptocurrencies reacting 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 the past two days, marking the largest two-day loss on record. The Nasdaq Composite index is on the verge of confirming a bear market, having fallen over 20% from its December 2024 peak of 20,173.89. Also, JPMorgan Chase now estimates a 60% probability of a U.S. economic recession. This sharp decline is largely attributed to investor concerns following Trump’s implementation of a sweeping 10% tariff on all U.S. imports, particularly affecting tech-heavy exporters like China, Taiwan, and Vietnam. In retaliation, China announced a 34% tariff on U.S. goods, further exacerbating market anxieties. Big tech hit hard Major technology companies have borne the brunt of these developments. Apple’s shares have declined 12.5% due to heightened tariffs on Chinese imports, while Tesla has seen a 37% drop, amid political controversies and declining sales. Other tech giants, including Alphabet, Microsoft, Meta, Amazon, and Nvidia, have also reported significant losses. You might also like: Traders holding onto Bitcoin despite market panic: Binance Crypto’s volatility The crypto market has not been immune to these upheavals. Bitcoin ( BTC ) dropped between 1% and 2% over the past 24 hours but has since rebounded and is now trading at $83,263. This dip coincided with China’s retaliatory tariffs and the broader market sell-off. Despite the current downturn, some investors remain optimistic about Bitcoin’s prospects. Both short-term and long-term holders have increased their BTC positions since the start of April, signaling continued confidence in Bitcoin’s resilience amid traditional market instability. You might also like: South Korean gets prison time for $2m crypto scam promising 50% returns