US President Trump signed an administrative order to impose a 25% tariff on non-US-manufactured vehicles, causing US stocks to fall again. Most of the top 10 cryptocurrencies declined, with $266 million in funds liquidated within 24 hours. Apart from Bitcoin and Ethereum, JELLYJELLY drew significant community attention yesterday, with a whale easily manipulating the market and revealing that Hyperliquid is not as decentralized as it claimed on the surface.
Table of Contents
ToggleTrump Signs 25% Vehicle Tariff Administrative Order, US Stocks Fall Again
According to Bloomberg, US President Trump signed an order imposing a 25% tariff on all non-US-manufactured vehicles, effective from April 2nd. However, Trump stated that the upcoming reciprocal tariffs will be "very lenient". He also mentioned that China might receive tariff reductions to ensure TikTok can be sold to a US company.
US stocks fell on Wednesday, with the S&P 500 index dropping over 1%, led by large-cap stocks, potentially marking the worst quarter since 2022. Nvidia and Tesla dropped at least 5.5%. The Nasdaq index fell by over 2%. The benchmark measuring large banks ended its eight-day winning streak.
Concerns about the economic impact of the global trade war are eroding US stock market liquidity, causing trouble for institutional investors and potentially exacerbating market volatility. Deutsche Bank's compiled data shows that the liquidity of S&P 500 stock index futures, measured by the most active contracts, is at its lowest level in two years.
Top 10 Cryptocurrencies Mostly Decline, JELLYJELLY Draws Attention
Most top 10 cryptocurrencies declined, with $266 million in funds liquidated within 24 hours. Apart from Bitcoin and Ethereum, JELLYJELLY drew significant community attention yesterday. A whale opened a short position on $JELLYJELLY on Hyperliquid while simultaneously raising the spot price to trigger liquidation. Hyperliquid's mechanism involves the official treasury taking over the short position, and ultimately, after the whale's market manipulation, OKX, and Binance listing $JELLYJELLY, Hyperliquid announced the delisting of the trading pair.
(Hyperliquid Net Outflow of $140 Million, $HYPE Drops Over 25%, Reviewing the JELLYJELLY Incident)
Risk Warning
Cryptocurrency investment carries high risk, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
