U.S. markets suffered their worst day in months, spurred by sweeping tariffs and another weak jobs report. Crypto feels the shock too, as a high-profile investor shifts thousands to stablecoins. Here’s what happened:

Wall Street woke up to aggressive new tariffs from the Trump administration, impacting goods from over 70 countries, and a disappointing 73,000-jobs gain in July, with prior data revised down by hundreds of thousands. The result: the S&P tumbled 1.6%, the Nasdaq lost 2.2%, and bond yields dropped sharply. Equity investors fled first, asking questions later.

Former BitMEX CEO Arthur Hayes sold over $13M in tokens, shifting into USDC amid grim global risks. Hayes warned about the markets, suggesting Bitcoin could fall toward $100K and Ether back to $3,000. Investor sentiment turned risk-off fast, with digital assets feeling the impact of macro uncertainty.

A recent Institutional survey flagged that nearly 50% see the market underrating tariff risks. Over 80% report repositioning into defensive sectors and boosting cash buffers. That’s cynicism speaking, not headlines.

Today’s sell-off proves it: a tweet from the president still moves markets, and jobs data still matters. Crypto flows feel the pressure secondhand. With policy volatility high and corporate earnings around the corner, it pays to watch for cracks, not narrative.