Bitcoin and Altcoins Plummet as US Tariffs Spark Global Market Panic

US tariffs on Chinese goods have surged, sending shockwaves through global markets and causing cryptocurrencies to plummet. The escalating trade war between the US and China has seen a 104% tariff hike on certain imports come into effect April 9th, 2025. This move follows a 34% tariff increase from China in response to the US action. Despite Beijing’s reluctance to back down, the US persisted with its escalation of trade tensions. The full financial impact remains unclear but market responses suggest a significant decrease in investor confidence.