Crypto Market Plummets 3%-10% as Trump Tariffs Spark Panic

The cryptocurrency market experienced a significant downturn on April 9th, with Ethereum (ETH) leading the decline. According to SoSoValue data, the overall 24-hour decline in the crypto sector ranged from about 3% to 10%. Ethereum saw a 24-hour decline of 9.57%, dropping below $1400 at one point, marking its lowest point since March 2023. Bitcoin (BTC) also fell by 5.47%, dropping to below $75,000.

This market turmoil was triggered by the implementation of Trump's "Tit-for-Tat Tariffs" policy, which caused widespread panic among investors. The policy's impact was felt across various sectors within the crypto market. The CeFi sector saw a 2.59% decline in the last 24 hours, but LEO Token (LEO) remained relatively strong, rising by 0.87%. The Layer1 sector fell by 4.32%, with Solana (SOL) and Cardano (ADA) dropping by 7.02% and 7.30%, respectively. The Layer2 sector dropped by 6.20%, the DeFi sector by 6.48%, the PayFi sector by 6.67%, and the Meme sector by 7.31%.

The crypto sector index reflecting historical market trends shows that the ssiAI, ssiMeme, and ssiDeFi indices each fell by 7.64%, 7.37%, and 7.30% in the last 24 hours. This widespread decline indicates a broad-based sell-off in the crypto market, driven by investor concerns over the potential economic impact of the new tariff policy. The significant drop in Ethereum and Bitcoin prices highlights the vulnerability of the crypto market to external economic shocks and policy changes.