Hong Kong stocks plunged 14%, while Taiwanese and Japanese stocks fell 10%. European markets also saw significant losses. Cryptocurrencies weren't spared; Bitcoin dropped 10%, Ether 22%, and XRP and SOL over 20%. Bitcoin dominance surged to 63%. The S&P 500 is poised for its worst three-day performance in history. China is considering stimulus measures. Investors are seeking refuge in US Treasuries.
Veteran investor Bill Ackman noted Commerce Secretary Raimondo's apparent unconcern, speculating on potential profit from the downturn. Countries are negotiating to avoid tariffs, creating market volatility. The VIX hit 60, its highest level since August 2024.
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