Crypto Market Plunges Amid Trump Tariff Announcement

The crypto market saw a sharp decline on February 23, with Bitcoin's price dropping from around $67,000 to $64,700 within hours. This downturn was triggered by US President Donald Trump's announcement of plans to raise global tariffs to 15%. The news sparked widespread selling across the market.

According to CoinGlass data, total liquidations over the past few days reached $2 billion to $4 billion. Forced liquidations of $240 million occurred within just 60 minutes, as leverage trading amplified losses for investors. This selling pressure was exacerbated by thin Monday liquidity and technical breaks in Bitcoin's price.

The market's downward movement was particularly pronounced due to the high-risk nature of digital currencies. When fear spreads, investors tend to sell riskier assets first, such as cryptocurrencies, and buy safer options like government bonds or gold. The current price of Bitcoin represents one of the biggest crashes in history, with a 44% to 49% decline from its October 2025 peak near $126,000.