U.S. President Trump announced the imposition of baseline tariffs (10%) and higher equivalent tariffs on 185 countries, leading to a widespread decline in risk assets such as U.S. stocks and cryptocurrencies.

Bitcoin plummeted from $88,500 to $82,000 during trading, with related ETFs experiencing a net outflow of $8.7 billion. Ethereum dropped from $1,957 to $1,790, a decline of over 6%.

According to Coinglass, in the past 24 hours, the total liquidation amount in the cryptocurrency market reached $500 million (approximately 3.65 billion RMB), with over 163,000 people being liquidated.

The cryptocurrency fear index fell to 25 (from 44 the previous day), entering a state of "extreme fear." Analysts believe that the tariff policy exacerbates market concerns about a global trade war and inflation, putting short-term risk assets under pressure, but in the long term, monetary easing expectations may favor the cryptocurrency market.

The A-share Shanghai Composite Index fell by 0.24%, the Shenzhen Component Index decreased by 1.4%, and the ChiNext Index dropped by 1.86%, while defensive sectors such as agriculture and electricity rose against the trend by 10%. The Hong Kong Hang Seng Index fell by 1.7%, with net inflows from southbound funds exceeding 10 billion Hong Kong dollars. The Chinese Ministry of Commerce stated that it would take countermeasures, and the market has strong confidence in domestic policy support.

About 55 million adults in the U.S. (21%) own cryptocurrencies, 39% use them for purchasing goods and services, and 76% believe cryptocurrencies have a positive impact.

Cryptocurrency exchange Bybit announced the closure of its Web3 NFT marketplace and inscription products, reflecting a 95% drop in NFT market trading volume from the peak in 2021.

Due to Justin Sun's accusation that First Digital Trust (the issuer of FDUSD) was insolvent, FDUSD briefly fell to $0.873, with Wintermute profiting over $3 million by bottom-fishing.

The issuer of USDC plans to list on the New York Stock Exchange, with reserve income reaching $1.66 billion, seen as an important signal for the compliance of stablecoins.

Russia plans to convert seized BTC into fiscal revenue: it intends to sell 1,032 BTC to supplement the treasury and promote the legalization of crypto assets.

Summary: On April 3, 2025, the cryptocurrency market experienced significant fluctuations due to the tariff policy announced by U.S. President Trump, with major cryptocurrencies like Bitcoin crashing in price, resulting in a large number of liquidations and capital outflows. The capital markets were also impacted by the tariff policy, with global stock markets generally declining, and the A-share market showing weakness as funds flowed towards defensive varieties.