The U.S. stock-market slide prompted by President Donald Trump’s international tariff announcement on Wednesday despatched the Nasdaq Composite Index into one in all its greatest funks for the reason that begin of the century.

The tech-heavy index misplaced 5.5% on Thursday, simply exterior the highest 20 worst single-day drawdowns since 2000, based on Investing.com. A lot of the largest drawdowns occurred through the dot-com crash of 2000-2001 and the 2008 international monetary disaster. Different fairness measures additionally suffered, with the S&P 500 index falling nearly 5%.

In distinction, the bitcoin (BTC) value, which is often correlated with U.S. equities over brief timeframes, bucked the pattern. The most important cryptocurrency, which tumbled instantly after the announcement whereas inventory markets have been closed, rose 0.7% the next day, with momentum carrying into Friday, based on Glassnode information.

Bitcoin is now buying and selling above $84,000 in contrast with about $87,000 earlier than Trump began talking. Nasdaq futures, in the meantime, are decrease forward of the U.S. jobs report due later within the day.

Bitcoin made its 2025 low in mid-March at round $76,000, whereas the Nasdaq hit a low on Thursday. Yr-to-date, bitcoin is outperforming the Nasdaq, shedding 10% in opposition to the index’s 11%.

Analyst Caleb Franzen highlighted bitcoin’s relative energy in contrast with the S&P 500 on this risk-off atmosphere, noting its resilience across the 200-day shifting common.

“It is fairly outstanding to see that bitcoin is up +3.4% right now relative to the S&P 500, significantly in a risk-off atmosphere. As I’ve lately identified, BTC/SPY continues to carry above its 200-day shifting common cloud,” Franzen mentioned in a submit on X.