Bitcoin Drops to ₱3,713,318 ($64,400) After Trump Announces 15% Tariffs
Trump's tariff announcement sent shockwaves through crypto markets on Feb. 23, with spot trading volumes collapsing 59% as the broader market posted losses between 3% and 8%.
Key Takeaway
Bitcoin's 59% volume drop signals traders are stepping aside until tariff uncertainty clears.
Bitcoin dropped to ₱3,713,318 ($64,400) on Feb. 23 after Trump announced he would raise global import tariffs to 15%. The tariff hike came as part of Trump's broader trade policy targeting reciprocal tariffs on 15 countries including China, Canada, and Mexico.
Spot trading volumes collapsed by 59% as the news hit, while open interest fell to ₱1.12 trillion ($19.5 billion) — roughly half of January's peak. Ethereum fell 5% while other major tokens posted losses between 3% and 8%.
The sell-off reflects macro-driven correlations increasingly shaping crypto price action. Grayscale Head of Research Zach Pandl said tariffs will weaken the dollar's dominance and create space for competitors including Bitcoin over the long term, though near-term pain looks likely.
Technical levels are starting to break down. Bitcoin's 20-day moving average sits around ₱3,936,924 ($68,278), while the lower Bollinger Band near $64,098 lines up with clustered leveraged longs between $64,090 and $64,536. Traders are eyeing $60,000 as the key support zone if current levels fail to hold.
Ethereum co-founder Vitalik Buterin sold millions of dollars worth of ETH recently, reinforcing near-term supply pressure concerns across the altcoin market. If support levels break, traders will face the $60,000 zone by late February 2026.
This article was written based on reporting from Bitcoinist.
