In This Article:
According to data shared by analyst Lark Davis, the total market cap of the crypto market has plummeted by more than $1 trillion since the current U.S. president took office on January 20, 2025.
Total capitalization has dropped from $3.66 trillion to just under $2.62 trillion, alarming investors maneuvering through a tumultuous regulatory and geopolitical climate.
Digital assets have been synonymous with dramatic moves, but the magnitude and timing of this drawdown are turning heads. Davis flagged the drop in a viral post, asking, "Are you tired of winning yet?" —a nod to the Trump administration slogan now being put through the wringer by crypto's prolonged slump.
But it is not just crypto that feels the heat!
U.S. equities have also been rattled — as The Kobeissi Letter noted. The Russell 2000 is now officially back in the bear market, which was last seen on June 16, 2022. The S&P 500 stocks wiped out a record $120 billion per hour, for nearly $2.9 trillion, said Kobeissi Letter on X.
The markets went haywire after Trump announced a baseline 10% tariff, which was immediately followed by a wave of retaliatory tariffs on friends and enemies alike.
'Magnificent Seven' suffer historic one-day hit
According to reports, the "Magnificent Seven" stocks — Apple, Amazon, Meta, Alphabet, Nvidia, Tesla, and Microsoft — collectively aim for a record-breaking $1 trillion single-day loss.
Apple dropped more than 9%, the biggest loser among the group, as concerned investors could face renewed roadblocks to its overseas supply chains, especially in China and India. Amazon slid 8.9%, with analysts cautioning that tariffs could cascade through its advertising, logistics, and cloud infrastructure units.
Meta Platforms fell 7.8%, at risk of advertising pullbacks. In comparison, Nvidia slid 7%, technically exempt for semiconductors — tariffs on finished goods with chips still apply. Tesla skidded 6.5%. Although Alphabet and Microsoft were not so hard hit, they still gave up 3.7% and 2.3%, respectively.
On April 3, President Trump called the market to be "going very well," adding that he expected the "market to boom."