Global markets experienced a downturn on Monday following President Trump's announcement of tariffs on imports from Canada, Mexico, and China. Cryptocurrencies plummeted, with some losing as much as 25%, while stock markets in Asia and Europe fell. U.S. stock futures also dropped significantly, pointing towards a decline in equities. Crypto-focused companies saw their stocks hit hard, with notable losses in pre-market trading.
S&P 500 futures slid 1.4%, Dow Jones future fell 1.2% and futures on the tech-heavy Nasdaq 100 lost 1.7%Stock markets across Asia and Europe dropped and the U.S. dollar edged higher while major cryptocurrencies such as XRP and ether lost as much as 25%.
Crypto markets took a hit Monday after President Donald Trump levied tariffs on imports from Canada, Mexico and China over the weekend Havoc in crypto markets spread to stocks of crypto-focused companies, with losses in U.S. futures pointing to declines in equities that are likely to put bitcoin , colloquially called Asia’s MicroStrategy for its bitcoin treasury, fell 9.44% on the Tokyo Stock Exchange. Crypto and blockchain venture fund SBI Holdings sank 3.60%. U.S.-listed Coinbase and MicroStrategy traded more than 5.9% lower in pre-market trading, while mining stocks MARA Holdings and Riot Platforms dropped 6%. The T-Rex 2x Long MSTR Daily Target ETF, which offers 200% of the daily returns of MicroStrategy, was down 9.6%. Pre-market trading occurs before the regular market session opens to select participants, such as funds or institutional investors. These hours can be more volatile due to less liquidity. Crypto markets took a hit Monday after President Donald Trump levied tariffs on imports from Canada, Mexico, and China over the weekend, and threatened to impose taxes on the European Union. Stock markets across Asia and Europe dropped while the U.S. dollar edged higher with crypto majors such as XRP and ether losing 25% amid a rush of capital from risk assets.Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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