On March 11, 2025, the global financial markets experienced a storm under the impact of Trump's economic policies. On March 10 local time, U.S. stocks faced a 'Black Monday', with all three major indexes suffering a collective plunge. The S&P 500 index fell by 2.7%, hitting a new five-month low; the Dow Jones erased its gains since the election; and the Nasdaq plummeted by 4%, marking its largest drop in 18 months. The combined market value of the seven tech giants evaporated by $830 billion in a single day, with Tesla crashing by 15%, halving its peak value.
The cryptocurrency market also remained turbulent. Although Bitcoin rebounded slightly after dropping below $76,600, it remained at a low level; Ethereum fell below the $1,800 mark, with mainstream altcoins generally experiencing significant declines. Panic spread through the market, and investors rushed to seek safe havens.
Trump's tariff policy was seen as the main culprit of market turmoil. The tariff measures increased import costs, exacerbated inflationary pressures, and could potentially lead to an escalation of trade wars, threatening the global economy. In addition, the Trump administration's plans to cut federal spending also heightened market concerns about an economic recession.
Amidst the risk-averse sentiment, the dollar rose slightly, while oil prices dropped by 1.5%. However, gold fell by 0.7% due to the drag from the stock market, indicating that investors were becoming more cautious in their choice of safe-haven assets. The Federal Reserve's silence period also intensified market unease. Investors felt confused about the future direction of policies, and the market lacked a clear direction.
In response to the turbulent market, some platforms launched USDT wealth management products with an annualized return of 8%, providing investors with safe-haven options. However, this did not fundamentally change the market trend.
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