According to CoinDesk, the U.S. stock market experienced a significant downturn following U.S. President Donald Trump's announcement of global tariffs on Wednesday. The Nasdaq Composite Index, known for its concentration of technology stocks, suffered a notable decline, losing 5.5% on Thursday. This drop ranks among the largest single-day losses since the year 2000, with historical comparisons to the dot-com crash of 2000-2001 and the 2008 global financial crisis. The S&P 500 index also faced a substantial decrease, falling nearly 5%.
In contrast to the stock market's performance, bitcoin (BTC) demonstrated resilience. Despite an initial drop immediately after the tariff announcement, the cryptocurrency rebounded, rising 0.7% the following day. This upward momentum continued into Friday, as indicated by data from Glassnode. Bitcoin is currently trading above $84,000, a slight decrease from its pre-announcement level of approximately $87,000. Meanwhile, Nasdaq futures are trending lower ahead of the anticipated U.S. jobs report.
Bitcoin reached its lowest point of 2025 in mid-March, around $76,000, while the Nasdaq hit a recent low on Thursday. Year-to-date, bitcoin has outperformed the Nasdaq, with a 10% loss compared to the index's 11% decline. Analyst Caleb Franzen emphasized bitcoin's relative strength in comparison to the S&P 500 during this risk-off period, highlighting its stability around the 200-day moving average. Franzen noted, "It's pretty remarkable to see that bitcoin is up +3.4% today relative to the S&P 500, particularly in a risk-off environment. As I've recently pointed out, BTC/SPY continues to hold above its 200-day moving average cloud."
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