Wall Street evaporated thousands of billions of dollars in one day, surpassing even market capitalization of crypto.

The US stock market evaporated more than $3.25 trillion in just the trading session on April 4, exceeding the approximately $570 billion valuation of the entire crypto market at the time of writing, which was $2.68 trillion. The main reason is believed to stem from the tariff policies of US President Donald Trump.

The Nasdaq 100 is currently in a “bear market”

Among the Magnificent-7 stocks, Tesla (TSLA) had the steepest decline during the session with a drop of 10.42%, followed by Nvidia (NVDA) down 7.36% and Apple (AAPL) down 7.29%, according to TradingView data.

According to The Kobeissi Letter, the sharp downturn across the market has officially pushed the Nasdaq 100 index into a “bear market” after a 6% drop throughout the trading day – the largest single-day drop since March 16, 2020.

“The U.S. stock market has evaporated up to $11 trillion since February 19, with a recession probability of 60%,” the article states. The Kobessi Letter describes Trump’s tariff announcement on April 2 as a “historic event”, while warning that if tariff policies continue to be implemented, an economic recession will be “inevitable”.

“Imagine President Harris pulling 10 trillion dollars out of the global stock market in the first 80 days in office, what would the response from the people at Fox News be like?” Anthony Scaramucci said.

On April 2, Trump signed an executive order establishing reciprocal tariffs on trade partners and a basic 10% tariff on all imports from all countries.

Trump stated that the retaliatory tariffs would be about half the level of tariffs that U.S. trading partners apply to U.S. goods.

Meanwhile, the crypto industry has indicated that while the stock market continues to decline, Bitcoin remains stable.

Trader Plan Markus pointed out in a post on April 4 that while the entire stock market is “plummeting”, Bitcoin remains steady.

“Everyone is talking about the strength of BTC ahead of the two-day stock sell-off, more than 10%, even as gold prices drop. But this has nothing to do with stocks. Bitcoin is not and has never been a market risk hedge. It is a hedge against government/bank risk. This sell-off is due to a loss of confidence in the global government,” Jeff Dorman shared.

Even some skeptics of cryptocurrency point out the contrast between the performance of Bitcoin and the U.S. stock market during the recent macroeconomic instability.

The stock market commentator Dividend Hero stated that he “used to hate Bitcoin, but seeing it not decrease while the stock market is falling is very interesting to me.”

Meanwhile, according to technical trader Urkel, Bitcoin “seems to care little about the trade war and the market downturn.” Bitcoin is trading at $83,727 at the time of writing, down 0.2% over the past week, according to data from CoinMarketCap.

Bitcoin price chart 4 hours | Source: TradingViewDisclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions

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Dinh Dinh

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