Major cryptocurrencies experienced a significant downturn on Thursday, with their combined market capitalization shedding over 5.7% to $2.6 trillion. Pi Network (PI), one of the hardest hit coins, plummeted to a record low of $0.56, down by more than 80% from its peak in February. Pepe (PEPE) and Ethena (ENA) also saw substantial losses, dropping 17% and 18%, respectively. The downturn was mirrored across the broader crypto market with other top altcoins experiencing over a 15% decline. This follows increased recession risk in the U.S., as per recent forecasts from several financial institutions such as MetLife and Goldman Sachs, which now predict a 40% and 35% chance of recession, respectively. 25% tariffs imposed by the Trump administration on goods coming into the US have been cited as a potential catalyst for the decline, with Canada also imposing retaliatory tariffs on U.S. vehicles.