Market Turmoil: XRP and SOL Lead Crypto Decline as Tariffs Spark Global Economic Downturn

As fears grip the financial markets due to President Donald Trump's recent tariff announcements, global stocks have plummeted. Hong Kong's market saw a 14% drop, the largest since the 1997 Asian Financial Crisis, while Taiwan and Japan experienced a 10% decline. European equities also suffered significant losses, with the FTSE 100, DAX, and CAC 40 each falling over 5%. The crypto market was not immune to the downturn, with Bitcoin and ether experiencing significant drops of 10% and 22%, respectively. XRP and SOL also saw substantial declines of over 20%, while DOGE fell by more than 15%. The S&P 500 is poised to enter bear market territory, down 20% from its all-time high, and is on track for a potentially record-breaking three-day loss. In response to the crisis, China is considering stimulus measures and has announced a 34% tariff on all U.S. goods. As investors seek safe havens, U.S. bonds have seen significant gains, with the 10-year note up 8% year-to-date. Seasoned investor Bill Ackman noted that some investors, including Secretary of Commerce Howard Lutnick, may be positioned to profit from the downturn. As countries navigate the uncertain tariff landscape, markets are likely to remain volatile, with the Volatility S&P 500 Index hitting 60 in pre-market trading.