[Bitcoin Now] Bitcoin Falls Below 65,000 Dollars on Tariff Uncertainty

Bitcoin briefly fell below USD 65,000, a level seen as a psychological support, as uncertainty over tariffs resurfaced. This is believed to be due to growing uncertainty over trade policy after President Trump reaffirmed his plan to impose tariffs even after the U.S. Supreme Court ruled that his reciprocal tariffs were unlawful.

According to global virtual asset data site CoinMarketCap, Bitcoin was trading at USD 65,001.84 as of 2:52 p.m. on the 23rd, down 4.25% from 24 hours earlier. Bitcoin at one point dropped into the USD 64,000 range during the day. Altcoins (virtual assets other than Bitcoin) such as Ethereum and Ripple (XRP) fell by more than 5%, while Solana declined by 8.52%.

This downturn is seen as the result of tariff-related uncertainty re-emerging while geopolitical tensions linked to Iran persist. On the 20th, the U.S. Supreme Court ruled President Trump’s reciprocal tariffs unlawful. In response, the Trump administration signed an executive order imposing a “10% global tariff” on the entire world based on Section 122 of the Trade Act. President Trump subsequently stated that he would raise the global tariff rate to 15%.

Bitcoin has been on a downward trend since reaching an all-time high in October last year. At that time, heightened geopolitical tensions fueled risk aversion, and expectations for interest rate cuts weakened as former Federal Reserve (Fed) Governor Kevin Warsh emerged as a candidate for the next Fed chair, both of which weighed on the market. As a result, Bitcoin at one point slipped below the USD 60,000 level. It later rebounded to around USD 67,000 and moved sideways, but as tariff-related uncertainty has recently intensified again, it fell back below the USD 65,000 level on this day.

Caroline Moran, co-founder of Orbit Markets, which provides liquidity for cryptocurrency derivatives, told Bloomberg News, “The virtual asset market remains fragile, and market participants view the USD 60,000 level as a key support,” adding, “From geopolitical tensions surrounding Iran to abrupt shifts in U.S. tariff policy, macro uncertainty is currently weighing on the market, and this could once again put that price range to the test.”

Jeff May, Chief Operating Officer (COO) of global blockchain technology company BTSE, told CNBC, “The sudden increase in tariffs is prompting investors to sell virtual assets out of concern about a larger market downturn.”