Synopsis: Crypto markets crash as Trump raises global tariffs to 15% despite court block. Bitcoin drops below $65K, altcoins tumble amid fear and risk-off selloff.
Crypto markets took a sharp hit this week. Bitcoin swung wildly around $68,000 before sliding toward $67,500. The drop came after President Donald Trump raised the global tariff rate to 15%. Investors quickly moved away from risk assets, and digital currencies felt the pressure fast.
The move rattled markets worldwide. Ether, Dogecoin, XRP, Solana, Cardano, and BNB all recorded significant losses. The total crypto market cap fell to around $2.3 trillion rolling back to autumn 2024 levels. Traders are now watching every headline carefully.
Trump Bypasses Court Ruling With New Trade Law
On February 21, the U.S. Supreme Court ruled 6-3 against Trump’s tariff strategy. The court said his use of emergency economic powers went too far. That ruling briefly raised hopes of easing trade tensions.
However, Trump moved fast. He pivoted to Section 122 of the Trade Act of 1974 instead. That law lets the president apply tariffs up to 15% for 150 days. No congressional approval is needed. Within days, he announced a 10% global tariff. Then, just one day later, he raised it to the maximum 15% rate. He posted the announcement on Truth Social, calling the court’s decision “ridiculous” and “anti-American.”
The new tariff applies to all trading partners. That includes close U.S. allies and rivals like China equally. Critics say the tariff acts as a hidden tax on American consumers. Imported electronics, machinery, and raw materials could all cost more as a result.
Bitcoin Bears Down as Fear Index Hits Extreme Lows
Source: TradingView
Bitcoin was trading around $67,526 on February 22. That marked a -0.5% drop in 24 hours and by February 23, the price plunged further to around $64,300 a 3.49% loss. The Fear and Greed Index hit a level of just 9 deep inside “extreme fear” territory.
Additionally, BTC now sits roughly 40% below its October 2025 highs. Mining companies like Bitdeer liquidated their reserves, adding extra selling pressure. On-chain data shows miners are still holding firm despite a 15% jump in mining difficulty. Nevertheless, the broader market mood is cautious.
Analysts note that if Bitcoin rebounds above $69,000, it could trigger over $800 million in short liquidations. Some see this level of fear as a potential turning point. Firm Bernstein, for example, still maintains a $150,000 end-of-year price target for BTC.
Also Read: 22 Bitcoins Worth $1.5 Million Vanish from Seoul Police Custody
Altcoins Face Heavy Selling Pressure
The losses across altcoins were steep and wide. Ether dropped 1.8% to $1,951 on the day. By February 23, it slid further into the high $1,900s. ETH now sits more than 60% below its all-time high a level last seen in spring 2025.
Meanwhile, XRP fell 4.4% in 24 hours to around $1.39. That marked its biggest realized loss spike since 2022. Solana dropped 3.8% to $83.25, with intraday losses reaching up to 8%. Dogecoin shed nearly 5% on the day and more than 11% on the week. Cardano slid 4.3%, while BNB eased 2.3%.
Meme coins like Dogecoin were especially hard hit. They tend to be highly sensitive to shifts in investor mood. As fear spread across markets, liquidity moved away from riskier assets quickly.
Global Markets Join the Selloff
Crypto was not alone in the downturn. Traditional markets also took a beating. Gold fell nearly 3.76%, wiping out roughly $1.34 trillion in value. Silver dropped 8.5%. The S&P 500 slipped 1%, losing around $620 billion in market cap. The Nasdaq fell 1.6%, losing about $600 billion.
Furthermore, European lawmakers added to the uncertainty. They signaled hesitation about advancing the so-called Turnberry Agreement. They want clearer trade commitments from Washington before moving forward. That delay adds yet another layer of global economic tension.
Spot Bitcoin ETFs showed mixed signals during this period. They recorded $88 million in inflows on February 20. However, overall outflows have persisted throughout the week.
Looking ahead, markets may consolidate as macro news stays front and center. If tariffs stabilize or face new legal challenges, a relief rally is possible. Otherwise, analysts warn Bitcoin could fall further toward $60,000. For now, crypto remains tightly tied to global trade headlines and every Trump post is moving markets.
Written By Fazal Ul Vahab C H
