Crypto markets have experienced a significant downturn in just one day, with hundreds of billions of dollars shed.The sudden reversal raises questions about the sustainability of recent gains spurred by the new US Crypto Reserve announcement.The downturn is attributed to a global move towards the risk-off trade, driven by heightened trade war tensions and economic policy uncertainty.Safe haven assets, like gold, continue to outperform, while capital is rotating out of cryptocurrencies due to intensifying macroeconomic headwinds.