cpiwatch

Sharp Decline Amid Tariff Uncertainty
Bitcoin briefly slipped below the $65,000 mark on Monday for the second time this month, as renewed uncertainty surrounding US tariffs unsettled global markets. The world’s largest cryptocurrency fell as much as 4.8% to nearly $64,300 — its lowest level since Feb. 6 — before trimming losses to trade above $66,300 by early morning in New York.

Other digital assets faced even steeper declines. Ether, the second-largest cryptocurrency, dropped as much as 5.2% before stabilizing around $1,915.

Political Developments Stir Markets
The downturn followed comments from US officials confirming that previously negotiated trade agreements remain intact, despite a Supreme Court ruling that invalidated President Donald Trump’s use of emergency authority to impose tariffs.

In a social media post, Trump stated that he would raise the recently announced global 10% tariff to 15%, intensifying economic uncertainty and stirring volatility across financial markets.

Impact on Global Financial Markets
Traditional markets reacted swiftly to the news. The US dollar weakened, and stock futures declined in early Monday trading. Contracts tied to the S&P 500 fell 0.8%, while futures on the Nasdaq 100 dropped 1%. In contrast, a broad gauge of Asian equities climbed 1%, reflecting mixed global sentiment.

Market analysts noted that while buyers have so far defended the $65,000 level, sentiment remains cautious. Chris Beauchamp, chief market analyst at IG Group, said the overnight dip occurred during thin liquidity and was quickly bought. However, he cautioned that a recovery from a low should not be mistaken for a sustained rally, something cryptocurrencies have struggled to achieve in recent months.

From Record High to Massive Selloff
Earlier this month, Bitcoin erased the remaining gains it had accumulated following Trump’s reelection victory in November 2024. Optimism over a more crypto-friendly second administration had propelled the digital asset to a record above $126,000 last October. That surge was followed by a sharp selloff that has since wiped out more than $2 trillion from the broader crypto market, with smaller tokens bearing the brunt of the losses.

Key Support Levels in Focus
Caroline Mauron, co-founder of Orbit Markets, described the crypto market as fragile, with investors closely watching the $60,000 support level. She noted that macroeconomic pressures — ranging from geopolitical tensions involving Iran to shifting US tariff policies — could prompt another test of that threshold.

Investor sentiment has also been reflected in fund flows. The 12 US-listed spot Bitcoin exchange-traded funds have now recorded five consecutive weeks of net outflows, marking the longest streak since February last year. Over that period, investors withdrew approximately $3.8 billion.

Market Data Signals Continued Pressure
In just the past 24 hours, the crypto market lost an additional $100 billion in value, according to data from CoinGecko. Meanwhile, derivatives data from Deribit showed a concentration of downside protection around the $60,000 level, underscoring its significance for traders.

Robin Singh, chief executive of Koinly, said Bitcoin appears to be “crying out for a new narrative.” Despite recent optimism surrounding the proposed US Clarity Act, the legislation has failed to meaningfully boost prices, suggesting it may not serve as the catalyst investors had hoped for.

Rachael Lucas, an analyst at BTC Markets, emphasized that $65,000 remains a critical support level. A decisive break below it, she warned, could open the door to a drop toward $60,000. Conversely, she said bulls would need to reclaim $70,000 to shift the broader market narrative back to the upside.

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