Crypto News Today (09th April, 2025): Market Crashes Amid 104% Tariff on China?
The crypto market today is hammered into a steep correction, losing close to 4% in total market value and bringing the total market cap down to $2.43 trillion. This drop follows the announcement of a 104% tariff amendment on China by the United States, a policy shock that sent another round of shock waves across global financial markets, including crypto.
Talking about traditional finance markets, the S&P 500 suffered its worst one-day loss since the 2008 financial crisis. Amidst this turmoil, the Crypto Fear & Greed Index nosedived to 15, signaling “Extreme Fear” among investors. Daily business volumes also reflected the panic, dropping by nearly 35% to $124.44 billion.
Bitcoin has witnessed another setback on its daily chart, this time around it fell to its 24-hour low of $74,589. However, at the time of writing, it is changing hands at $77,140.77. Despite the fall, crypto proponents like Carl Moon and Chiefy believe this to be the final drop before the bull run resumes.
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Ethereum took the hardest hit among the top coins, falling over 6%, while XRP and Solana followed closely behind, with losses at 3.15% and 3.06%. Still, some lower-cap tokens stood out. HYPE, IP, and JASMY managed to register gains of over 3%, a rare sight on a red day. On the flip side, AB token plummeted by over 23%, leading the list of top losers alongside NEAR and EOS, which fell 10.04%, and 8.21%.
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The market crash was triggered by the U.S. amending a 104% tariff on China, leading to a global selloff across both traditional and crypto markets.
HYPE, IP, and JASMY posted gains of over 3% in the past 24 hours, bucking the overall bearish trend.
A score of 15 reflects “Extreme Fear,” signaling heightened investor caution and potential for market volatility ahead.
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