Crypto Market Plunges 5% Amid Tariff News and Leverage Cascade

The cryptocurrency market witnessed a significant downturn on February 23, following US President Donald Trump's announcement of a 15% global tariff. The news triggered a sharp sell-off, with Bitcoin plummeting to $64,700.

The market's total value contracted to approximately $2.3 trillion, reflecting the intense selling pressure. Forced liquidations reached $240 million in just one hour, underscoring the extreme volatility of the market.