23rd February 2026 – (New York) Bitcoin fell sharply overnight, sliding more than 5 per cent and briefly dropping below the key US$65,000 threshold after President Donald Trump unveiled plans to impose a 15 per cent tariff on imports worldwide. The move unsettled cryptocurrency markets already grappling with trade uncertainty. Analysts said renewed tariff concerns have repeatedly triggered heavy liquidations in digital assets, as investors react to Washington’s tougher stance on China, the European Union and other trading partners. The latest announcement prompted a broad retreat from riskier assets.
By mid-morning trading on Monday, 23 February 2026, Bitcoin had recovered modestly, climbing back above US$65,000 to trade at approximately US$65,700, although it remained significantly lower on the day. Market participants attributed the sell-off to heightened policy uncertainty after Mr Trump invoked Section 122 of the 1974 Trade Act to introduce the 15 per cent tariff, reportedly overriding a previous Supreme Court rejection of similar measures. With prediction markets reflecting rising expectations of potential military action involving Iran, traders have moved to unwind speculative positions and preserve capital. While traditional safe-haven assets have rallied — gold has climbed above US$5,000 and is approaching record territory, and the S&P 500 remains close to historic highs — cryptocurrencies have borne the brunt of the recent turbulence, casting doubt on Bitcoin’s “digital gold” status.
Institutional flows also point to caution. Data from CoinGlass show that US spot Bitcoin exchange-traded funds recorded nearly US$320 million in net outflows last week, marking a fifth consecutive week of withdrawals amid cooling demand. Technically, the break below US$67,000 has undermined near-term support levels. Prediction market data indicate that a majority of participants expect Bitcoin to fall below US$50,000 at some point this year, reinforcing the prevailing bearish sentiment.
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