The tariffs indirectly affected crypto. What happened was the opposite of a short squeeze. Someone with a lot of capital likely saw that there were a lot of leveraged long positions (people borrowing money using their crypto as collateral to buy more crypto). So whoever used this negative news and initiated a huge short order (borrowing crypto using funds as collateral and immediately selling the crypto to buy back later) this caused those leveraged longs to get liquidated (exchanges automatically selling your crypto and taking your collateral). This causes price to crash like crazy. That’s what happened.