The global economy remains volatile as concerns over US tariffs continue to weigh on the cryptocurrency market. Bitcoin's value plummeted to nearly US$64,300 on Monday, February 23, as investors grew anxious about the status of US trade deals.
According to analysts, the Supreme Court ruling that struck down US President Donald Trump's use of emergency authority to impose tariffs has created uncertainty in the market. This has led to a drop in value for Bitcoin and other digital assets, including Ether, which retreated 5.2 per cent.
Data from Deribit shows that downside protection is concentrated around the US$60,000 mark, suggesting that this level may be a key support point for the token. To reclaim lost ground, bulls will need to push Bitcoin's value above US$70,000.