CryptoWire, WASHINGTON: Bitcoin slid as much as 5% in early Asian trading Monday, briefly falling below $65,000 and touching about $64,400, as markets reacted to fresh shifts in U.S. tariff policy. The cryptocurrency later pared losses and was trading near $66,000 after earlier climbing above $68,000, based on composite pricing. The drop came after President Donald Trump said he would raise a new blanket tariff on U.S. imports to 15%, adding a new layer of uncertainty for global trade and financial markets.
The selloff spread across major digital tokens, with declines also hitting ether and XRP in early trading. Crypto-linked shares that often track moves in bitcoin also traded lower in premarket action. In broader markets, U.S. stock index futures edged down and the U.S. dollar weakened against several major currencies. The moves followed a volatile stretch for cryptocurrencies in February, including a prior dip below $65,000 earlier in the month.
Trump’s tariff announcement came days after the U.S. Supreme Court struck down his earlier sweeping tariff program in a 6-3 decision. The court held that the International Emergency Economic Powers Act does not authorize the president to impose tariffs. The ruling centered on a dispute brought by small businesses, and it overturned the legal foundation for the prior tariff structure. The administration moved quickly to replace the invalidated duties with a new approach under a different statute.
Tariff order follows court ruling
A White House fact sheet issued Friday said Trump signed a proclamation invoking Section 122 of the Trade Act of 1974 to impose a temporary import duty of 10% for 150 days. The measure is set to take effect Feb. 24 at 12:01 a.m. Eastern time. The administration said several categories of goods would be exempt, including certain critical minerals and energy products, pharmaceuticals and ingredients, certain electronics, and certain vehicles, parts, and aerospace products. The fact sheet also said USMCA-compliant goods from Canada and Mexico would not be subject to the duty.
The proclamation also excludes goods already subject to or later covered by separate national security trade actions under Section 232, and it exempts certain duty-free textile and apparel provisions tied to the Dominican Republic-Central America Free Trade Agreement. The White House said a separate executive order reaffirmed and continued the suspension of duty-free de minimis treatment for low-value shipments, making those shipments subject to the temporary duty. Trump said Saturday he would raise the temporary tariff rate from 10% to 15%, the maximum level allowed under Section 122.
Global markets react across asset classes
In currency markets Monday, the dollar softened while the Japanese yen and Swiss franc strengthened in early trading. Gold rose about 1% to near $5,150 an ounce, and silver also gained. U.S. stock futures pointed modestly lower, with S&P 500 futures down about 0.2% and Nasdaq futures down about 0.4% at one point. The cross-asset moves tracked the renewed focus on trade policy following the Supreme Court ruling and the tariff reset.
Bitcoin’s retreat left it down more than 20% so far in 2026, underscoring how quickly sentiment can shift in the asset. After sliding to around $64,400, it rebounded toward $66,000, still well below the day’s earlier highs near $68,000. Market participants are also watching the start date for the Section 122 duties and the breadth of exemptions outlined by the White House. Bitcoin’s price was hovering around $66,000 in afternoon trading, after a volatile overnight swing.