TRUMP TARIFFS CAUSE TECH AND CRYPTO MARKET MELTDOWN

The Trump tariffs triggered the largest one-day equity selloff since March 2020. Even penguins on McDonald Island weren’t spared.

NFA Podcast

Apr 04, 2025

This week, Nish and Frackers unpacked one of the most volatile market weeks of the year, sparked by a wave of aggressive tariffs and a cascade of investor panic.

Market Meltdown

The Trump administration’s sweeping tariffS triggered the largest one-day equity selloff since March 2020. Even penguins on McDonald Island weren’t spared, as Frackers noted about the randomness of trade policy.

Tech Stocks vs Crypto Performance (Year-to-Date)

Frackers compared year-to-date losses across sectors:

Big tech stocks (BATMMAAN) are down 21 percent on average
- Tesla and Broadcom each fell 34 percent
- Meta and Microsoft held up best, down around 9 to 11 percent
Crypto markets performed worse, down 27 percent on average
- Ethereum, Dogecoin, and Cardano each dropped around 46 to 48 percent
- Bitcoin fared better at minus 11 percent
- XRP was the outlier, down just 2 percent

NFT Shakeout and Shift

Nish covered the closure of NFT marketplace X2Y2, which is pivoting to a vaguely defined AI venture. Both hosts agreed the collectible era of NFTs is over, but emphasized that NFTs still hold promise as infrastructure, especially in applications like carbon credit issuance.

The Airdrop Economy

Nish recounted a profitable airdrop experience from an Ordinal that turned out to be worth 0.1 Bitcoin, while Frackers compared the tactic to the “heroin marketing strategy” where the first shot is free. Despite skepticism, both acknowledged airdrops remain a powerful growth tool.

Binance and CZ’s Global Play

CZ from Binance was appointed as an advisor to Kyrgyzstan on blockchain matters. Nish and Frackers praised his innovation record and argued he remains a valuable strategic mind despite his recent legal troubles.

Wash Trading and Legal Double Standards

CLS Global was fined for wash trading. The conversation turned to the inconsistencies between what’s allowed in traditional finance, like IPO price support by underwriters, and what’s condemned in crypto.

Outlook for the Week Ahead

Nish expects crypto to stabilize but warns of more bumps ahead. Frackers believes April 4 may mark a local bottom, predicting markets may begin to recover after another sharp drop when Wall Street opens.