Tech Giants Lose $1 Trillion as Trade War Panic Hits Markets
2min read The crypto market capitalization closed the week above the $2.7 trillion mark on Saturday, April 5, while trade war panic wiped over $1 trillion off US tech stocks including apple, nvidia, and microsoft. Markets reacted swiftly to the announcement of sweeping tariffs by the White House. The Dow Jones Industrial Average dropped over 3000 points, plunging 7.4%, while crude oil futures lost more than 3.7% as manufacturers and commodities traders braced for a blip in global commerce.
The most dramatic losses came from the United States’ technology sector. Apple, Microsoft, and NVIDIA—three of the most valuable companies globally—shed more than $1 trillion in market capitalization combined after Trump announced the sweeping tariffs on Wednesday. Apple alone fell 15.02% on the week, while NVIDIA’s stock lost 15.4% following supply chain concerns tied to the semiconductor industry. Microsoft declined 15.9%, extending its weekly loss to the steepest since October. Notably, all three stocks, which traded above the $3 trillion mark in the past year, have now plunged below that historic threshold.
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At press time, on Saturday, April 5, Apple sits atop with a $2.83 trillion market cap, while Microsoft and NVIDIA follow with current valuations of $2.7 and $2.3 trillion, respectively. Historically, such synchronized declines among the biggest U.S. corporations suggest investors are reacting to systemic market risks rather than individual stock performance outlook. This affirms that China’s swift retaliation—announcing new tariffs on U.S. exports within 48 hours—has sparked fears of a sustained trade war, prompting investors to pivot away from American-dominated technology supply chains.
Bitcoin price has held firmly above the $80,000 mark, despite US trade tariffs sparking intense market turbulence across global financial markets over the past week. BTC’s resilient price action has caught investor’s attention, with the positive sentiment extending towards altcoins. On Wednesday, the White House triggered widespread investor anxiety by unveiling sweeping new tariffs on imports from multiple trading partners, including China, India, Mexico, and the European Union. Early market reactions show that cryptocurrencies withstood the sell-pressure while US stocks and manufacturing commodities markets nose-dived.
The aggregate crypto market capitalization stands at $2.7 trillion at press time, keeping weekly timeframe losses below the 8% mark. Not only has Bitcoin price held above the $82,000, the resilient performance extended to the crypto sector as a whole. Top-ranked altcoins like XRP, BNB, and Cardano are holding key support levels around $2, $590, and $0.65, respectively, as global markets saw a major sell-off response to Trump’s tariffs. In the crypto sector, as weak hands exited and BTC held steady, altcoins found new buyers as investors exiting US stocks sought assets unexposed to trade tensions. In effect, crypto markets only declined 8% in the past week, while Microsoft, NVIDIA, and Apple all plunged by more than 15%.
As investors exited those markets, the displaced capital found its way into the crypto markets, which has kept top altcoins like Ethereum, XRP, BNB, and Solana consolidating near the $1,800, $2, $600. For context, of the top 5 ranked cryptocurrencies, BTC, ETH, BNB, and XRP are all posting less than 1% losses on the weekly timeframe. Meanwhile, Solana, the worst performer among the top-ranked altcoins this week, settles at $119 at press time, having only plunged 5%, despite active bearish catalysts from token unlocks and upcoming payouts.
