Key Highlights
- Bitcoin dropped as much as 4.8% to approximately $64,300, marking its lowest level since February 6, 2026.
- Ether fell even further, declining by 5.2% amidst intensified selling pressure.
- The cryptocurrency market witnessed a loss of roughly $100 billion in value within a 24-hour period.
- US-listed spot Bitcoin exchange-traded funds recorded their fifth consecutive week of net outflows, totaling about $3.8 billion.
- President Trump announced on social media that he would raise a newly introduced global tariff from 10% to 15%.
Bitcoin experienced a sharp decline in early Asian trading on Monday, as renewed uncertainty concerning United States tariff policy rattled global markets. This downturn dragged down other major cryptocurrencies and broader risk assets.
According to a Bloomberg report, the world’s largest digital asset fell by as much as 4.8% to around $64,300, its lowest point since February 6, 2026. Ether, the second-largest cryptocurrency, saw an even steeper decline, sliding 5.2% as selling pressure intensified across the market.
Analysts suggest that the crypto market remains vulnerable amidst the evolving macroeconomic backdrop. Geopolitical tensions and rapidly changing US trade policies could potentially push prices towards the $60,000 threshold again.
Data from CoinGecko indicates that the market lost approximately $100 billion in value within 24 hours. Derivatives exchange Deribit reported that traders are heavily positioned for downside protection around the $60,000 price level.
Beyond tariffs, analysts believe Bitcoin is struggling to identify a compelling catalyst for recovery. Optimism surrounding proposed US crypto legislation has so far failed to generate a sustained price rebound.
The selloff was triggered by fresh policy confusion in Washington. US officials stated on Sunday that previously negotiated trade agreements remain valid despite a Supreme Court ruling that invalidated President Donald Trump’s use of emergency powers to impose tariffs. This Supreme Court decision injected new uncertainty into the global trade outlook.
Market jitters deepened after Trump announced on social media that he would raise a newly introduced global tariff from 10% to 15%, a move that unsettled investors. The dollar weakened, and US equity futures declined, with contracts linked to major indices falling in early Monday trading, even as Asian equities posted modest gains.
The original 10% tariffs were scheduled to take effect on Tuesday, February 24, although it remains unclear whether the new 15% rate will begin on the same date.
Bitcoin had already lost momentum earlier in February 2026, erasing gains accumulated after Trump’s re-election victory in November 2024.
The dozen US-listed spot Bitcoin exchange-traded funds recorded their fifth straight week of net outflows, totaling approximately $3.8 billion — the longest withdrawal streak since February last year.