News

The world's largest cryptocurrency Bitcoin slipped to record eight-month low below $65,000 levels on 23 February in early Asia trade, data on CoinMarketCap showed.

The slip came amid increased uncertainty over the status of United States tariffs imposed by President Donald Trump. On 20 February, the US Supreme Court struck down his IEEPA-enabled global tariffs, only for the Republican to re-impose 10% duties under Section 122 within hours. This was increased to 15% on 21 February.

Meanwhile officials have stated that already negotiated trade deals stand unchanged by the SCOTUS ruling.

The token slumped 4.8% to around $64,300 — lowest since 6 February this year, and since June last year, where it touched a similar low.

At time of writing, CoinMarketCap data showed Bitcoin trading at $64,817.42, down 4.69% over the past 24 hours, with market capitalisation of $1.29 trillion, and trading volumes of $27.41 billion.

Notably, while Bitcoin was hit, the overall cryptocurrency market has been hit. As per a Bloomberg report, the second-largest token Ethereum slipped 5.2%.

The crypto market cap was also in the red at $2.23 trillion, with trading volumes at $67.07 billion, as per CoinMarketCap. Bitcoin dominance is at 58.1% (down 1.09%), with Ethereum holding 10.1% (also down 1.72%) of the pie, and other tokens comprising 31.8% (up 2.81%).

Caroline Mauron, co-founder of Orbit Markets told Bloomberg, “The crypto market continues to be fragile, with market participants counting on support at $60,000. 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.”

Rachael Lucas, an analyst at BTC Markets told the publication that $65,000 is a key support level for Bitcoin. “A decisive break below that brings $60,000 into play. To the upside, bulls need to reclaim $70,000 to shift the narrative,” she said.

Download the Mint app and read premium stories