Crypto Markets Plunge Amid Global Financial Concerns

Cryptocurrency markets experienced a sharp downturn, mirroring declines in global financial markets. According to Crypto Daybook Americas, Bitcoin (BTC) fell by 10% in 24 hours, dipping below $75,000, while Ether (ETH) plunged by 22%. XRP and SOL also saw significant drops of over 20%, and DOGE decreased by more than 15%. European stocks also faced considerable losses, with the FTSE 100, DAX, and CAC 40 all falling by over 5%. In Asia, Hong Kong stocks plummeted by 14%, marking the largest drop since the 1997 Asian financial crisis, while Taiwanese and Japanese stocks fell by 10%. Former President Donald Trump commented on the situation via Truth Social, attributing the financial difficulties to trade deficits with China and Europe and proposing tariffs as a solution. He stated that tariffs could bring tens of billions of dollars to the U.S. and quickly eliminate the deficit. Amidst this, investors are reportedly seeking refuge in U.S. Treasury bonds. 10-year Treasury notes have risen by 8% year-to-date, while the iShares 20+ Year Treasury Bond ETF (TLT) has decreased by 6%, indicating a shift towards safer assets. Billionaire investor Bill Ackman suggested that U.S. Trade Representative Howard Lutnick views a potential economic crisis as beneficial due to Cantor Fitzgerald's long-term bond holdings, implying they could profit from falling yields. Ackman noted that they might welcome a profit from a downturn.