The cryptocurrency market has been hit by another downturn, with the price of Bitcoin falling below $64,000. Here are the details.
Selling pressure has intensified again in the cryptocurrency markets.
Bitcoin fell by as much as 5%, dropping below $64,000, after US President Donald Trump announced his plan to raise global tariffs to 15%.
According to market data, Bitcoin has fallen by approximately 5 percent in the last 24 hours, dropping to $63,970. In the last 24 hours, a total of $616 million worth of positions were liquidated in the cryptocurrency market, with $524 million of that being long positions.
Bitcoin entered a sharp correction phase after surpassing the $125,000 level last October. The leading cryptocurrency also started the new year weakly, losing 26% of its value since the beginning of the year. Since its October peak, the loss has exceeded 47%.
According to experts, the current sell-off is not caused by a single factor. Global trade tensions and geopolitical risks are reducing investor appetite.
Jeff Mei, COO of global blockchain technology company BTSE, stated that the sudden tariff increase prompted investors to sell crypto assets in anticipation of a more serious market downturn. Mei also noted that the increased US military presence around Iran raised the risk of a regional conflict, which could negatively impact global trade flows.
Markus Thielen, research director at 10x Research, said the recent decline was due more to weak liquidity and low market confidence than to a single headline. According to Thielen, the current situation points to a typical bear market phase characterized by low volume and uncertainty.
Thielen stated that downside risks persist due to the upcoming US midterm elections and macroeconomic uncertainties, arguing that a further pullback towards the $50,000 level in Bitcoin should not be ignored. According to the analyst, stronger volume and confidence signals are needed for a sustained bottom to form.
