Bitcoin falls below US$65,000 in latest bout of tariff uncertainty
Ether, the second-largest token, retreating 5.2%
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[SINGAPORE] Bitcoin slid in early Asia trading on Monday (Feb 23), roiled by fresh nervousness over the status of US tariffs.
The original digital asset slid as much as 4.8 per cent to nearly US$64,300, its lowest since Feb 6. Other tokens fared worse, with Ether, the second-largest token, retreating 5.2 per cent.
The losses come after US officials on Sunday said that trade deals already negotiated with partners remain in place, despite a Supreme Court ruling that struck down US President Donald Trump’s use of emergency authority to impose tariffs.
In a social-media post on Saturday, Trump said that he would increase the global 10 per cent tariff he announced one day earlier to 15 per cent, stirring up more economic turbulence. The US dollar and stock futures dropped in early trading on Monday, while a gauge of Asian equities climbed 1 per cent.
“The crypto market continues to be fragile, with market participants counting on support at US$60,000,” said Caroline Mauron, co-founder of Orbit Markets. “Macro uncertainty is now weighing on the market, from Iran geopolitical tensions to US tariffs whiplash, and may lead to another test of that level.”
Bitcoin earlier this month wiped out the remaining gains it had seen since Trump won re-election in November 2024. Hopes around Trump’s more crypto-friendly second administration sent Bitcoin to a record price above US$126,000 last October, just before a massive sell-off that has left digital assets reeling ever since. The broader crypto market has seen over US$2 trillion in value wiped out, with the market for smaller tokens hit especially hard.
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In the last 24 hours alone, the crypto market shed another US$100 billion in value, according to CoinGecko data. Data from Deribit, a crypto derivatives exchange, showed downside protection is concentrated around the US$60,000 mark.
Bitcoin was trading at about US$64,800 at 11 am in Singapore, below the US$65,000 threshold that Rachael Lucas, an analyst at BTC Markets, said was a key support level for the token.
“A decisive break below that brings US$60,000 into play,” she said. “To the upside, bulls need to reclaim US$70,000 to shift the narrative.” BLOOMBERG
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