TradingKey - Trump increased tariffs on China to 104%. This triggered another wave of selling. Japanese stocks and cryptocurrencies turned from gains to losses.
On Wednesday, Japanese stocks and cryptocurrencies saw a significant drop. This was due to Trump's tariff hike coinciding with the implementation of reciprocal tariffs. The global financial market is once again in panic.
As of the time of writing, the Nikkei 225 index is falling. It dropped 3.93% to 31,714 points. The TOPIX index fell 3.4% to 2,349 points. The day before, Japanese stocks led the Asian markets with the Nikkei 225 and TOPIX both rising over 6%.
Nikkei 225 Index Chart, Source: Google
In a similar trend, cryptocurrencies reversed their gains and fell by 3% today. Bitcoin dropped 2.5%, nearing the previous day's high of $74,500. Fortunately, Bitcoin did not set a new low; it only had a minor pullback.
Bitcoin Price Chart, Source: TradingView
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