Trump's new tariffs are wiping out markets and traders
The new month began on a turbulent note for global markets, as President Donald Trump's fresh round of tariffs triggered a domino effect across stocks and crypto.
Traders are reeling from a market-wide sell-off — and the damage is adding up quickly.
In the past 24 hours alone, over 188,000 crypto traders were liquidated, with total liquidation losses crossing $805 million, according to Coinglass. The largest single liquidation was a $13.79 million ETH-USD perpetual trade on Binance.
Nearly 91% of those liquidations were long positions. Crypto exchanges Bybit and Binance together accounted for more than $540 million in liquidations, as traders scrambled to salvage their bets.
Bitcoin, Ether, XRP catches the heat
Major cryptocurrencies dropped sharply in response. Bitcoin was trading at $115,443, down more than 2% on the day. Ethereum fell to $3,633, while XRP dropped 2% to $3.03. Dogecoin slid 2.9% to $0.21, as per Kraken.
The broader crypto market turned red, with traders citing geopolitical tensions and a sudden collapse in risk appetite as key reasons.
On July 31 night, the Trump administration raised tariffs on a broad set of imports. Products transshipped through third countries to evade duties now face a 40% levy.
Tariffs on Canadian imports jumped to 35% from 25%. These surprise hikes sent global trade desks into a tailspin.
Investors had expected aggressive rhetoric from Trump, but not overnight action. 'It caught everyone flat-footed,' said one anonymous trader to TheStreet Roundtable. 'There was no time to reposition.'
Crypto and stocks are in the same boat
Traditional equities and crypto aren't moving in opposite directions. Both asset classes are reacting to the same macro storm trade restrictions, inflation uncertainty, and fears of a global slowdown. The flight to safety is real, and risky assets are paying the price.
U.S. stocks had their worst day in weeks. The Dow tumbled over 600 points, or 1.3%, while the S&P 500 lost 1.5%.
The Nasdaq dropped 2%, dragged down by Amazon's 7% plunge after its light operating income guidance. GE, Caterpillar, and major banks also fell, hurt by concerns over slowing growth.Crypto stocks are also tanking today as market jitters rattle even the biggest names.
Strategy Inc. (MSTR) is down 5.5% at $379.76, shedding more than $22 in early trading. The sharp drop comes just one day after the company posted blowout earnings.
Trump's new tariffs are wiping out markets and traders first appeared on TheStreet on Aug 1, 2025
This story was originally reported by TheStreet on Aug 1, 2025, where it first appeared.
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