U.S. equity futures and major cryptocurrencies experienced a sharp decline following President Donald Trump's announcement of sweeping tariffs on 185 countries. The S&P 500 lost over $2 trillion in market capitalization within minutes, with significant movements in Nasdaq 100 futures. As of late evening, futures for the Dow Jones, S&P 500, and Nasdaq were down approximately 1.26% to 1.20%. Trump's tariffs, particularly a 34% rate on China and a 20% rate on the European Union, were described as 'reciprocal tariffs.' Bitcoin showed volatility, initially rising before falling to around $83,200, reflecting broader market fears about rising inflation and slowing growth. Analysts suggested that without a clear positive catalyst, crypto is likely to mimic the traditional market trends. Increasing inflation expectations, alongside low Ethereum burn rates, further emphasize the macroeconomic challenges going into the second quarter.

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