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Wall Street Stumbles as Trump’s Tariff Threats Rattle Global Markets

U.S. stock markets kicked off the week in the red as renewed trade tensions sparked by former President Donald Trump sent shockwaves through Wall Street. The Dow Jones Industrial Average tumbled over 400 points, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9% respectively. The sell-off followed Trump’s announcement of sweeping new tariffs set to take effect on August 1. In a series of public letters posted to social media, Trump warned that countries including Japan, South Korea, South Africa, and Malaysia would face levies ranging from 25% to 40% unless trade agreements are finalized by a self-imposed July 9 deadline. Adding to the market jitters, Trump declared that any nation aligning with the “Anti-American policies of BRICS” would be hit with an additional 10% tariff, escalating tensions with key trading partners like China and India. The tech sector bore the brunt of the downturn, with Tesla shares plunging nearly 7% amid political controversy surrounding CEO Elo...

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Crypto Stocks Fall, Erasing Gains From Bitcoin-ETF Approval

 

The cryptocurrency market experienced a sharp decline on Wednesday, erasing gains from the recent approval of a Bitcoin ETF. The pessimistic market sentiment regarding the approval of a Bitcoin spot ETF between January 8-10 led to a general decline in digital currencies. The Bitcoin price, which moved above $45,000 on Tuesday for the first time since 2022, tumbled 5% vs. 24 hours earlier to $42,750. Cryptocurrency exchange Coinbase fell about 3% while Bitcoin miner Marathon Digital pared early losses, gaining 2.2% Wednesday during market action. Fellow crypto-related play ProShares Bitcoin Strategy ETF sank 5%. Grayscale Bitcoin Trust fell 4%.

The decline in crypto stocks is a reminder that the cryptocurrency market is still highly volatile and subject to sudden changes. Investors should be cautious and do their due diligence before investing in cryptocurrencies.





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