Bitcoin slipped briefly below $65,000 during Asian trading on Monday after climbing above $66,000, as continued selling by large holders kept the cryptocurrency under strain. Investor sentiment was further dampened by mounting uncertainty surrounding U.S. trade policy.
The broader crypto market also declined, with Ether facing particular pressure after Ethereum co-founder Vitalik Buterin was reportedly seen reducing his holdings. Renewed turbulence in U.S. trade policy compounded the weakness.
The world’s largest cryptocurrency dropped 2.06 percent to $66,216 as of 1:14 GMT, after touching a 24-hour low of $64,384.2. The token is now approaching levels last seen in early February, when Bitcoin briefly fell below the $60,000 mark.
Trump introduces 15 percent blanket tariffs
Last week, the U.S. Supreme Court invalidated a substantial portion of President Donald Trump’s tariffs, ruling that he had exceeded his authority in imposing duties on key trading partners.
In response, Trump introduced a new 10 percent blanket tariff on imports for 150 days, later increasing it to 15 percent, the maximum permitted under the relevant law, shaking financial markets.
The escalation in trade tensions weighed on Asian equities and other risk-sensitive assets on Monday. Investors feared that higher trade barriers could limit global growth and tighten liquidity conditions, developments that typically put additional pressure on cryptocurrencies.
Read: Bitcoin ETFs see record $3.8 billion outflows in historic five-week slide
Appetite for risk-sensitive assets dips among industry whales
Further impacting crypto prices, on-chain data from CryptoQuant indicated a rise in Bitcoin transfers from large private wallets, commonly referred to in the industry as whales, to major exchanges, a move that typically signals potential selling activity.
Whales, which include early adopters, institutional players and crypto-focused funds holding substantial amounts of Bitcoin, can significantly sway short-term price movements when they shift assets onto exchanges.
Such transfers are often seen as a precursor to sales and can add downward pressure on prices by boosting the amount of Bitcoin readily available on the market.
At the same time, there appeared to be limited strong buying activity across major exchanges, with overall sentiment in the crypto space still weighed down by steep losses in recent months.
Other major cryptocurrencies also posted steep declines, with Ether facing fresh pressure after co-founder Vitalik Buterin was reported to have reduced his holdings.
Ether dropped nearly 5 percent to $1,878.63 before rising to $1,919.74, edging closer to levels seen in early February. Over the weekend, Buterin was observed selling at least 1,694 Ether for roughly $3.3 million. Although the transaction represents only a small fraction of his total holdings, it heightened concerns about additional whale-driven selling in the world’s second-largest cryptocurrency.
Elsewhere in the altcoin market, XRP gained 0.58 percent to $1.4077, while Solana dipped 4.10 percent to $80.525. Cardano gained 0.26 percent, and BNB fell 1.60 percent.
Among meme tokens, Dogecoin declined 2.9 percent before rising nearly 1 percent to $0.097023, while $TRUMP slid 3.4 percent before rising 0.37 percent to $3.392.
