Bitcoin plunged on Monday morning as renewed uncertainty over US tariff policy rattled global markets, dragging major cryptocurrencies lower.
Bitcoin Slide
In early Asian trading, the world’s largest digital asset fell 4.8% to around $64,300, marking its lowest level since February 6, according to Bloomberg.
Meanwhile, Ether, the second-largest cryptocurrency, tumbled 5.2% as selling pressure swept across the market.
Analysts warned that the crypto sector remains fragile, and traders now closely watch the $60,000 threshold.
“The market continues to be delicate,” said co-founder of Orbit Markets, Caroline Mauron.
“Geopolitical tensions and rapidly shifting US trade policy could push prices toward that level again.”
Investor Response
Furthermore, CoinGecko reported that roughly $100 billion disappeared from the crypto market within 24 hours.
Read Also: Trump Lifts Global Tariffs To 15% After Court Loss
At the same time, derivatives exchange Deribit showed that traders actively hedged against declines around $60,000.
Despite optimism surrounding proposed US crypto legislation, Bitcoin struggles to find a catalyst for recovery.
“Bitcoin is crying out for a new narrative,” said CEO of crypto tax platform, Koinly Robin Singh.
Policy Uncertainty
The sell-off intensified after Washington stirred fresh policy confusion.
US officials insisted that existing trade agreements remain valid, even after the Supreme Court struck down former President Donald Trump’s use of emergency powers to impose tariffs.
Then, Trump announced on social media that a newly introduced global tariff would rise from 10% to 15%, further unnerving investors.
Consequently, the dollar weakened, US equity futures fell, and Asian markets posted only modest gains.
Bitcoin had already lost momentum after erasing gains from Trump’s November 2024 re-election rally, following a record high above $126,000 in October.
Since then, the wider cryptocurrency market has shed over $2 trillion, with smaller tokens suffering the heaviest losses.
In addition, US-listed Bitcoin ETFs recorded five consecutive weeks of net outflows, totalling about $3.8 billion—the longest streak since February last year.
As uncertainty continues, traders remain cautious, with $60,000 looming as a key psychological battleground.
