The world’s largest cryptocurrency Bitcoin slipped to record eight-month low below $65,000 levels on 23 February in early Asia trade, data on CoinMarketCap showed.
The slip came amid increased uncertainty over the status of United States tariffs imposed by President Donald Trump. According to Riya Sehgal, Research Analyst at Delta Exchange, “Donald Trump’s 15% global-tariff announcement rattled global-risk assets, triggering a sharp risk-off rotation. Capital flowed toward safe-havens like Gold, which rallied over 2%, while de-risking amplified the sell-off in crypto.”
On 20 February, the US Supreme Court struck down his IEEPA-enabled global tariffs, only for the Republican to re-impose 10% duties under Section 122 within hours. This was increased to 15% on 21 February. Meanwhile officials have stated that already negotiated trade deals stand unchanged by the SCOTUS ruling.
Bitcoin price today: Coin crashes 4.8% to $64,300
The token slumped 4.8% to around $64,300 — lowest since 6 February this year, and since June last year, where it touched a similar low, Bloomberg and CoinMarketCap data showed respectively.
At time of writing, CoinMarketCap data showed Bitcoin trading at $64,817.42, down 4.69% over the past 24 hours, with market capitalisation of $1.29 trillion, and trading volumes of $27.41 billion.
Akshat Siddhant, Lead quant analyst at Mudrex told Mint that the fall came as Asian markets react to Trump’s 15% global tariffs announced over the weekend. “The fresh set of tariffs after the US Supreme Court invalidated the previous set of tariffs led to a risk-off sentiment across markets. Additionallty the continued outflows from ETFs also added to the selling pressure,” he added.
Crypto market cap at $2.23 trillion
Notably, while Bitcoin was hit, the overall cryptocurrency market has been hit. As per a Bloomberg report, the second-largest token Ethereum slipped 5.2%.
The crypto market cap was also in the red at $2.23 trillion, with trading volumes at $67.07 billion, as per CoinMarketCap. Bitcoin dominance is at 58.1% (down 1.09%), with Ethereum holding 10.1% (also down 1.72%) of the pie, and other tokens comprising 31.8% (up 2.81%).
Crypto price today: Ethereum, XRP, Binance, Tether
CoinDCX Research team noted that the broader crypto market has been pushed lower, with popular tokens like Ethereum, XRP, Binance, Solana and Dogecoin dropping below their respective support zones.
- According to CoinMarketCap data, at time of writing, Ethereum was trading at $1,868.69 (down 5.25%), with market cap of $225.53 billion and volume of $13.61 billion (up 16.41%).
- Further, Dollar-linked altcoin Tether was trading at $0.9998, with market cap of $183.59 billion, data showed. Trading volume was at $58.05 billion (up 30.27%)
- XRP was trading at $1.34 (down 5.42%), with market cap of $82.31 billion and volume of $2.01 billion.
- Rounding off the top five, Binance was trading at $588.14 (down 5.7%), with market cap of $80.19 billion and volume of $1.41 billion.
- Overall, altcoins faced steeper losses, alts such as Solana, XRP, and Avalanche fell 6–9%, underscoring risk aversion across the board.
- In a bearish environment, pippin price leads the gainers with over 26.38% jump, followed by Kite by over 17.40%, CoinDCX said.
- On the other hand, LayerZero drops by 11.51%, Pump.fun and Zcash by over 10% each, and Pudgy Penguins and Ethena by over 8% each, it added.
Bitcoin, crypto market outlook: What do experts say?
Caroline Mauron, co-founder of Orbit Markets told Bloomberg, “The crypto market continues to be fragile, with market participants counting on support at $60,000. 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.”
Rachael Lucas, an analyst at BTC Markets told the publication that $65,000 is a key support level for Bitcoin. “A decisive break below that brings $60,000 into play. To the upside, bulls need to reclaim $70,000 to shift the narrative,” she said.
Siddhant concurred that Bitcoin might test the $60,000 levels before a rebound. “Immediate resistance stands at $68,500,” he added.
“Technically, BTC now faces stiff resistance at $67,000, with a break below $64,000 opening downside towards $62,000 and $60,000. Ethereum shows a similar setup, capped near $1,950,” according to Sehgal.
