Bitcoin fell sharply in early Asian trading on Monday, sliding toward $64,000 as uncertainty over United States tariff policy rattled global markets. The selloff dragged down major cryptocurrencies, with Ether dropping even more sharply, reflecting broader risk-off sentiment among investors. According to Bloomberg, Bitcoin’s retreat marked its lowest level since February 6, highlighting the fragility of the crypto market.
Ether, the second-largest cryptocurrency, declined 5.2% as selling pressure spread across digital assets. According to CoinGecko, the overall crypto market lost roughly $100 billion in value within 24 hours. Meanwhile, derivatives exchange Deribit reported that traders are heavily positioning for downside protection around the $60,000 mark, signaling growing caution among investors.
Experts say Bitcoin’s struggle is compounded by a lack of clear recovery catalysts. Caroline Mauron, co-founder of Orbit Markets, warned that geopolitical tensions and rapidly changing US trade policies could push prices closer to $60,000. Robin Singh, CEO of crypto tax platform Koinly, added that optimism surrounding proposed US crypto legislation has so far failed to spark a sustained rebound, leaving Bitcoin “crying out for a new narrative.”
The latest slump followed fresh policy uncertainty in Washington after US officials confirmed that previously negotiated trade agreements remain valid despite a Supreme Court ruling limiting presidential powers to impose tariffs. Market jitters intensified when former President Donald Trump announced plans to raise a new global tariff from 10% to 15%, spooking investors and weakening the dollar. US equity futures fell in response, even as Asian markets posted modest gains.
Bitcoin’s recent downturn continues a longer-term trend. The cryptocurrency lost momentum after initially surging following Trump’s 2024 re-election, when expectations of a crypto-friendly administration drove it to a record high above $126,000. Since then, the broader digital asset market has shed over $2 trillion in value, with smaller tokens hit hardest. Investor confidence in traditional channels has also waned, evidenced by five consecutive weeks of net outflows from US-listed Bitcoin ETFs totaling $3.8 billion—the longest streak since February 2025.
source: nairametrics