The original digital asset slid as much as 4.8% to nearly $64,300, its lowest since Feb. 6
Bitcoin slid in early Asia trading on Monday, roiled by fresh nervousness over the status of US tariffs.
The original digital asset slid as much as 4.8% to nearly $64,300, its lowest since Feb. 6. Other tokens fared worse, with Ether, the second-largest token, retreating 5.2%.
The losses come after US officials on Sunday said trade deals already negotiated with partners remain in place, despite a Supreme Court ruling that struck down President Donald Trump’s use of emergency authority to impose tariffs.
Read more: US Tells Partners to Honor Tariff Deals as Trump Regroups (1)
In a social-media post on Saturday, Trump said he would increase the global 10% tariff he announced one day earlier to 15%, stirring up more economic turbulence. The dollar and US stock futures dropped in early trading on Monday, while a gauge of Asian equities climbed 1%.
“The crypto market continues to be fragile, with market participants counting on support at $60,000,” said Caroline Mauron, co-founder of Orbit Markets. “Macro uncertainty is now weighing on the market, from Iran geopolitical tensions to US tariffs whiplash, and may lead to another test of that level.”
Bitcoin earlier this month wiped out the remaining gains it had seen since Trump won re-election in November 2024. Hopes around Trump’s more crypto-friendly second administration sent Bitcoin to a record price above $126,000 last October, just before a massive selloff that has left digital assets reeling ever since. The broader crypto market has seen over $2 trillion in value wiped out, with the market for smaller tokens hit especially hard.
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In the last 24 hours alone, the crypto market shed another $100 billion in value, according to CoinGecko data. Data from Deribit, a crypto derivatives exchange, showed downside protection is concentrated around the $60,000 mark.
Bitcoin was trading at about $64,800 at 11 a.m. in Singapore, below the $65,000 threshold that Rachael Lucas, an analyst at BTC Markets, said was a key support level for the token.
“A decisive break below that brings $60,000 into play,” she said. “To the upside, bulls need to reclaim $70,000 to shift the narrative.”