Bitcoin experienced a sharp decline during early Asian trading on Monday, as renewed uncertainty over U.S. tariff policies unsettled global markets. This selloff also impacted other major cryptocurrencies and broader risk assets.
According to Bloomberg, Bitcoin, the world’s largest cryptocurrency, fell by as much as 4.8%, hitting approximately $64,300—its lowest level since February 6.
Ether, the second-largest cryptocurrency, saw an even steeper drop, sliding 5.2% as selling pressure intensified across the market.
Market Analysis
Analysts suggest the crypto market remains fragile due to shifting macroeconomic conditions.
“The crypto market continues to be fragile, with participants watching the $60,000 level closely,” said Caroline Mauron, co-founder of Orbit Markets. She explained that a mix of geopolitical tensions and rapidly changing U.S. trade policies could push Bitcoin prices toward that critical threshold again.
Data from CoinGecko shows the market lost about $100 billion in value within 24 hours. Meanwhile, derivatives exchange Deribit reported that traders are heavily hedging against further declines, particularly around the $60,000 price level.
Beyond tariff concerns, analysts believe Bitcoin is struggling to find a strong catalyst for recovery.
“Bitcoin is crying out for a new narrative right now,” said Robin Singh, CEO of crypto tax platform Koinly. He noted that optimism around proposed U.S. crypto legislation has failed to spark a sustained price rebound.
Background
The selloff followed fresh policy confusion in Washington. On Sunday, U.S. officials stated that previously negotiated trade agreements remain valid, despite a Supreme Court ruling that invalidated former President Donald Trump’s use of emergency powers to impose tariffs.
The Supreme Court decision has added new uncertainty to the global trade outlook.
Market jitters worsened after Trump announced on social media that he would raise a newly introduced global tariff from 10% to 15%. This move unsettled investors, weakening the dollar and causing U.S. equity futures to decline. Contracts tied to major indices fell in early Monday trading, even as Asian equities posted modest gains.
