Bitcoin and Ethereum experienced significant drops, trading below $65,000 and $2,000 respectively, following the announcement of a 15% global tariff by President Trump. This led to a risk-off sentiment across markets, with major altcoins also slipping and the global crypto market capitalization declining. Analysts suggest Bitcoin may test $60,000 before a rebound, while sentiment gauges indicate extreme fear.
Bitcoin has plunged 5%, slipping below $65,000 as Asian markets reacted to Trump’s 15% global tariffs, which were announced over the weekend. The cryptocurrency was trading at $64,922 on Monday.
Bitcoin and Ethereum were down 4% and 5%, respectively, in the past 24 hours. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid slipped 8%. The global crypto market capitalisation edged down 4% to $2.23 trillion, according to CoinMarketCap.
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The decline follows remarks from US officials on Sunday confirming that previously negotiated trade agreements will continue, even after a Supreme Court ruling invalidated President Donald Trump’s use of emergency powers to impose tariffs.
In a social media post on Saturday, Donald Trump said that he would raise the global tariff announced a day earlier from 10% to 15%, adding to economic uncertainty.
The fresh set of tariffs after the US Supreme Court invalidated the previous set led to a risk-off sentiment across markets, said Akshat Siddhant, Lead quant analyst at Mudrex. The continued ETF outflows added to the selling pressure.
He further said that on-chain data shows a V-shaped accumulation by whales absorbing some of the selling pressure. For now, BTC might test the $60,000 levels before a rebound; immediate resistance stands at $68,500.
In the past week, Bitcoin and Ethereum fell 5% each. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Cardano, and Hyperliquid had slipped to 9%, whereas Tron was up 2%.
Funding rates are soft, and sentiment gauges like the Fear & Greed Index indicate extreme fear, suggesting cautious positioning. Ethereum remains below $2,000, and until Bitcoin reclaims higher levels, upside conviction among retail traders remains low, according to CoinSwitch Markets Desk.
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Market perspective
Riya Sehgal, Research Analyst, Delta Exchange
Bitcoin dropped over 5% to near $64,000, erasing weekend gains, while Ethereum slid below $1,870. On-chain data showed more than 136,000 traders liquidated, totaling $458 million, with 92% being long positions.
Alongside ETF outflows and tightening liquidity, sentiment has collapsed; the Crypto Fear and Greed Index now sits at 5-6, one of the lowest readings since 2018.
Vikram Subburaj, CEO, Giottus
The intraday band was clearly defined. $64,383 formed the 24-hour low and immediate support and $68,235 marked near-term resistance. If price action is trapped inside this corridor, the structure favours consolidation with a negative bias
Nischal Shetty, Founder, WazirX
Surprisingly, the takeaway from all current developments is that compliance is the anchor for all conversations in crypto, be it a regulatory development update or leadership advocacy.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
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