An absolute bloodbath ensued on Thursday as the market reacted to President Trump’s reciprocal tariffs announcement. The S&P 500 closed down nearly 5% lower, while the Nasdaq dropped nearly 6%. In the midst of this, Bitcoin was up 0.5%, and has climbed around 1.5% early on Friday. 

Worst stock market plunge since COVID

Markets went into a headlong plunge on Thursday as they reacted to the ruinous tariffs that the Trump administration had imposed on the rest of the world. Initially expecting around 10%, the market was then shocked to learn that much higher tariffs would be applied to a plethora of countries that enjoyed a trade surplus with the US.

Source: TradingView

Thursday’s plunge in the S&P 500 was the worst since June 2020, when fears of a second wave of COVID hit …