Bitcoin slips below $65,000 after Trump announces plan to raise global tariffs

Global cryptocurrency markets came under pressure in early Asian trading on Monday, February 23 with Bitcoin sliding sharply after fresh tariff signals from the United States unsettled investors. The world’s largest cryptocurrency, Bitcoin, fell more than 5% to below $65,000 on Monday, touching nearly $64,300, its lowest level since February 6.

The decline followed an announcement by US President Donald Trump outlining plans to raise global tariffs to 15%. The sell-off extended across the broader crypto market. Ether, the second-largest digital token, dropped 5.2%.

The downturn came despite US officials saying on Sunday that previously negotiated trade agreements would remain intact, even after a ruling by the Supreme Court of the United States struck down Trump’s use of emergency authority to impose tariffs, reported Bloomberg. In a Truth social post on Saturday, Trump said he would raise a global 10% tariff announced a day earlier to 15%, adding to market uncertainty.

Bitcoin has been under sustained selling pressure since October last year, when it surged past $125,000. It is now down about 26% this year and has lost more than 47% from its October peak.