The crypto market experienced a significant downturn following President Trump's announcement of new tariffs, dubbed "Liberation Day" tariffs. The tariffs, which include a 10% baseline tariff on US imports and a 25% tariff on foreign-made cars, sparked fears of a global economic slowdown. This led to a 3% decline in the crypto market and a 6% drop in Bitcoin's value, touching $82,000. Other cryptocurrencies, such as Ethereum, XRP, and Solana, also saw losses, with Ethereum falling 7%, Solana 13%, and XRP 8%. The value of the crypto market tumbled $160 billion, from $2.78 trillion to $2.62 trillion.