Global Markets Reel As Trade War Fears Spark Historic Selloff, Wiping Out Trillions And Leaving Cryptocurrency Investors Reeling

US Futures Plunge on Tariff Fallout, Stir Great Depression-Style Fears

US futures plummeted Monday morning, sparking fears reminiscent of the Great Depression era, as the escalating trade war between the US and China sent global markets into a tailspin.

The Dow Jones Industrial Average futures contract tumbled over 500 points, or 2.2%, to 24,100, while the S&P 500 futures contract sank 2.5% to 2,750. The Nasdaq Composite futures contract plummeted 3.2% to 7,350.

The sharp decline in US futures was fueled by the US-China trade war, which has reached a boiling point in recent days. On Friday, China announced it would impose tariffs on $60 billion worth of US goods, including liquefied natural gas, coal and soybeans, in retaliation for the US imposing tariffs on $200 billion worth of Chinese goods.

The fallout from the trade war has sparked concerns that the global economy could be on the brink of a major downturn, reminiscent of the Great Depression era of the 1930s. The International Monetary Fund (IMF) has warned that the escalating trade tensions could shave off 0.5% to 1% from global economic growth.

In the cryptocurrency space, Bitcoin (BTC), Ethereum (ETH), XRP and Dogecoin (DOGE) all experienced significant losses, with BTC plummeting 8.5% to $5,500, ETH sinking 10.5% to $170, XRP dropping 12.5% to $0.35 and DOGE plummeting 15% to $0.003.

The sharp decline in US futures and cryptocurrencies has sparked fears that the global economy could be on the cusp of a major downturn, with investors scrambling to protect their assets. The situation is being closely watched by investors and policymakers alike, as the world waits to see how the trade war will play out.