Crypto and stock markets experienced significant losses, with the S&P 500 declining by 4.2% at market open, the largest single-day drop since June 2020. The Dow Jones fell 3.41%, while the Nasdaq Composite dropped 5.23%, resulting in a total loss of $1.6 trillion in US stock market value. Bitcoin's value dropped 8%, with bulls defending the $80,000 support level. The declines were driven by uncertainty surrounding newly announced tariffs by US President Donald Trump, raising concerns about a potential recession. The overall crypto market also fell by 6.8% over 24 hours, and more than 200,000 traders were liquidated, totaling over $573 million, with significant liquidations occurring on Binance. Analysts suggest that should Bitcoin break the $80,000 level, it could slide further to $64,000-$65,000, indicating a precarious situation for traders looking for a relief rally amid these oversold conditions.

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