The Sensex today mirrored the global downturn, with Asian stocks falling sharply amid President Trump’s new tariff announcements. The 25% tariffs on Canada and Mexico, and 10% on China, sparked fears of a trade war, stalling economic growth. The cryptocurrency market also crashed, with Bitcoin, Ether, XRP, and altcoins seeing massive sell-offs. The total crypto market cap dropped 12.3%, while $1.08 billion in liquidations hit the market, showing widespread losses among traders.

Peter Schiff has raised alarms over President Trump’s recent crypto-related tweets, calling them the “biggest crypto rug pull” of all time. Schiff demands a Congressional investigation into the authorship and timing of the posts on Trump’s Truth Social account, and whether those with prior knowledge of the announcement profited from buying and selling XRP, ADA, SOL, BTC, and ETH. The inquiry will also explore potential ties to Trump’s staff, family, and campaign donors.

In response to the U.S. government’s announcement of a 10% tariff on all Chinese goods, China will impose additional tariffs starting March 10, 2025. A 15% tariff will apply to American chicken, wheat, and other products, while soybeans, pork, and more will face a 10% tariff, escalating ongoing trade tensions between the two nations.

Grayscale Investments has filed for approval of a new spot Hedera (HBAR) ETF with the U.S. Securities and Exchange Commission (SEC), marking its sixth altcoin-focused ETF. This move is part of Grayscale’s broader strategy to offer more altcoin investment products. The SEC’s current stance under acting chair Mark Uyeda has been more supportive of altcoin-based ETFs, signaling potential broader adoption.

The crypto market plummeted, shedding $460 billion in just 24 hours, with over $1.09 billion in liquidations. Bitcoin (BTC) dropped over 10%, while altcoins like Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) fell 15%-25%. Analysts predict BTC may dip to $70,000-$75,000 before resuming an uptrend. Despite President Trump’s crypto reserve announcement, the market faces continued uncertainty amid tariff news.

Bybit CEO Ben Zhou revealed that out of the $1.4 billion in hacked funds, 77% are still traceable, 20% have gone dark, and 3% have been frozen. The hackers have successfully converted 83% of the stolen funds, amounting to approximately $1 billion worth of Ethereum (ETH), into Bitcoin (BTC). This significant development highlights the ongoing investigation and the complex nature of tracking and recovering stolen cryptocurrency.

Bitcoin (BTC) saw a sharp decline, dropping to $83K, while Ethereum (ETH), XRP, and Solana (SOL) also crashed 14%-20% intraday. The crypto market lost nearly 10% in value amid massive liquidations totaling over $1 billion. Despite President Trump’s crypto reserve announcement, liquidity setbacks and broader market trends contributed to the sell-off, with meme coins like Dogecoin and Shiba Inu also mirroring the downturn.

Ether (ETH) has dropped 15% in the past 24 hours, reaching levels unseen since November 2023, as the broader market grapples with volatility sparked by U.S. President Donald Trump’s trade war threats. This has led to a wider decline With over $165 million in ETH long positions liquidated and a weak institutional demand, ETH faces continued bearish pressure, exacerbated by macroeconomic factors.