On April 2, the Trump administration announced the implementation of a comprehensive reciprocal tariff policy, hoping to reverse the $1.20 trillion trade deficit in goods. The move caused the S & P 500 to plunge 9.7% in two days, wiping $5.40 trillion off its market value, the largest drop on record, surpassing the record of $3.30 trillion when the epidemic collapsed in March 2020. The Nasdaq 100 technology index was bloodied, with a single-day decline recorded since 2022. Bitcoin fell just 3.7% over the same period, holding a key support level of $82,000. Analysts are optimistic about bitcoin's upside potential for the remainder of 2025, with Jamie Coutts, principal crypto analyst at Real Vision, saying the growing money supply could push the price of bitcoin above $132,000 by the end of 2025.