Trump tariff shock sinks Dow 735
U.S. markets tumbled on Monday after President Donald Trump imposed a new 15% global tariff, sending the Dow Jones Industrial Average down 735 points and dragging cryptocurrencies lower.
The Dow Jones Industrial Average fell 1.48% to about 48,890, while the S&P 500 dropped 1.08% to 6,835 and the Nasdaq Composite declined 1.15% to roughly 22,618 as investors repriced trade and technology risks.
“We are set to close six straight weeks of weekly red candles on bitcoin for the first time since May 2022,”
Said Kraken VP of growth Matt Howells-Barby.
Trump invoked Section 122 authority over the weekend to raise tariffs from 10% to 15% effective February 24, a move that heightened concerns over rising input costs, margin compression and potential retaliation from key trading partners.
Bitcoin fell more than 4% to $63,868 on Bitstamp while ether dropped as much as 5.2%, reinforcing crypto’s sensitivity to macroeconomic shocks and prompting Howells-Barby to warn that “the $60k level is a key support level that the bulls are watching closely,” adding that failure to hold could push prices into the mid-to-low $50,000 range.
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