Bitcoin Drops Under $65,000 Amid Renewed Tariff Uncertainty

Bitcoin Tumbles Amid Renewed US Tariff Concerns

Bitcoin experienced a sharp decline in early Asian trading on Monday, as uncertainty surrounding US tariff policies sparked fresh market anxiety.

The leading cryptocurrency dropped by up to 4.8%, reaching close to $64,300—its lowest point since early February. Other digital assets suffered even steeper losses, with Ether, the second-largest token, falling 5.2%.

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The recent downturn followed statements from US officials on Sunday, confirming that existing trade agreements remain intact despite a Supreme Court decision overturning former President Donald Trump’s emergency tariff measures.

On Saturday, Trump announced via social media that he would raise the global tariff rate he had set the previous day from 10% to 15%, intensifying economic volatility. As a result, the US dollar and stock futures slipped in early Monday trading, while Asian stock indices saw a 1% increase.

“The cryptocurrency sector remains on shaky ground, with many investors relying on the $60,000 level for support,” explained Caroline Mauron, co-founder of Orbit Markets. “Broader economic uncertainty, including tensions with Iran and fluctuating US tariffs, could push the market to retest that critical threshold.”

Earlier this month, Bitcoin erased all gains made since Trump’s re-election in November 2024. Optimism about a more crypto-friendly administration had propelled Bitcoin to an all-time high above $126,000 last October, but a subsequent selloff has left the market struggling. Over $2 trillion in value has vanished from the broader crypto space, with smaller tokens bearing the brunt of the losses.

According to CoinGecko, the crypto market lost an additional $100 billion in the past 24 hours alone. Data from derivatives exchange Deribit indicates that protective positions are heavily concentrated near the $60,000 mark.

As of 11 a.m. in Singapore, Bitcoin was trading around $64,800, slipping below the $65,000 support level identified by BTC Markets analyst Rachael Lucas.

“If Bitcoin falls decisively below this point, the $60,000 level could be tested,” Lucas noted. “For a bullish reversal, the price would need to reclaim $70,000.”

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