Crypto Markets Plummet: Tariff Fears Spark $200B Drop

Cryptocurrencies experienced their second-worst day ever, with markets spooked by tariff concerns and reserve coins plummeting. The crypto market witnessed a significant downturn, with 'eserve coins' dropping by more than 20%. The Fear & Greed Index retreated to 24, indicating extreme fear among investors. Crypto leaders criticized the inclusion of XRP and ADA in reserve, while the rationale for ETH and SOL remained unclear, according to Bernstein. The ETH/BTC ratio reached another four-year low, and crypto ETPs saw a $2.9 billion outflow over a three-week period. Meanwhile, $1.4 billion in Bybit funds were laundered through Thorchain, and rumors of tax breaks for crypto surfaced. Bitcoin enthusiast Michael Saylor predicted that BTC would reach $200 trillion, while a Hyperliquid 'insider' profited $81 million from an ETH short. The SEC introduced members of its crypto task force and dropped its case against Kraken. Coinbase is investigating the cost of the SEC's 'war on crypto,' while NYSE Arca proposed a rule change to list a DOGE ETF. Tether appointed a new CFO to improve transparency, and SBI in Japan announced support for USDC. Australia has no plans for a crypto strategic reserve, and Vietnam is set to introduce crypto regulations in March.