Bitcoin Slips to Eight-Month Low Amid Uncertainty Over US Tariffs

The global cryptocurrency market has been hit hard by the ongoing uncertainty surrounding US tariffs imposed by President Donald Trump.

According to CoinMarketCap data, Bitcoin's price slipped to a record eight-month low of around $64,300 on February 23. This marked a decline of 4.8% from its previous level and was largely attributed to the increased risk-off sentiment in global markets triggered by Trump's tariff announcement.

Akshat Siddhant, Lead quant analyst at Mudrex, stated that the fall in Bitcoin price came as Asian markets reacted to Trump's 15% global tariffs announced over the weekend. The fresh set of tariffs after the US Supreme Court invalidated the previous set of tariffs led to a risk-off sentiment across markets, with additional selling pressure coming from continued outflows from ETFs.

The broader crypto market also suffered losses, with popular tokens like Ethereum, XRP, and Binance dropping below their respective support zones. According to CoinMarketCap data, Ethereum was trading at $1,868.69 (down 5.25%), while XRP was trading at $1.34 (down 5.42%).

Experts predict that Bitcoin may test the $60,000 level before a rebound, with immediate resistance standing at $68,500.