After former President Donald Trump made his unexpected announcement about tariffs, followed by a temporary 90-day pause on enforcement, the global financial markets were shocked into a sharp risk-off mode. Around the world, equities saw heavy selling. Even the crypto market—which is usually touted as a hedge against traditional financial instability—was not spared. In fact, Bitcoin tracked stock indices closely, while Ethereum, drawing attention to its growing volatility during macroeconomic uncertainty, suffered an almost 200% increase in losses compared to Bitcoin. Between the early tariff shock and the 90-day delay announcement, investors saw a swift decline across many asset classes.
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