Summary
- Following President Trump’s announcement of an additional tariff hike, macro uncertainty increased and Bitcoin fell to as low as $64,300, the report said.
- Over the past 24 hours, total crypto market capitalization declined by about $100 billion, while Ethereum and mid- and small-cap altcoins posted larger losses, it said.
- US-listed spot Bitcoin ETFs recorded net outflows for five consecutive weeks, with a total of $3.8 billion leaving over the past five weeks, it said.
Bitcoin (BTC) continued to weaken, slipping below $65,000 at one point intraday. The broader crypto market also moved lower as macro uncertainty intensified following the tariff-hike announcement, according to market interpretations.
According to Crypto Valley Journal, a US crypto-focused media outlet, Bitcoin fell to around $64,300 intraday on the 23rd, marking its lowest level since early this month. Intraday losses reached as much as 4.8%. Ethereum declined 5.2%, while some mid- and small-cap altcoins (cryptocurrencies other than Bitcoin) posted steeper drops. Over the past 24 hours, total crypto market capitalization is estimated to have shrunk by about $100 billion.
President Donald Trump’s additional tariff hike was cited as the direct catalyst for the downturn. On the 23rd (local time), Trump said he would raise the previously signaled global tariff rate from 10% to 15%. The measure takes effect at 12:01 a.m. Eastern time on the 24th. Following the announcement, traditional markets also weakened, including the dollar, S&P 500 futures (-0.8%) and Nasdaq 100 futures (-1%).
Earlier, on the 20th, the US Supreme Court ruled 6-3 that a sweeping imposition of tariffs based on the International Emergency Economic Powers Act (IEEPA) was unconstitutional. Chief Justice John Roberts said, “IEEPA does not grant the president authority to impose tariffs,” underscoring that taxing power rests with Congress.
In response, Trump criticized the ruling and presented Section 122 of the Trade Act of 1974 as a new legal basis. The provision allows tariffs of up to 15% to be imposed for 150 days. However, applying it over the long term would be difficult without congressional approval for an extension. No previous US president has used Section 122 as a basis for imposing tariffs.
Legal disputes are expected to continue. With about $133 billion collected from existing tariffs through December 2025, more than 1,000 importers have filed lawsuits seeking refunds. The new legal basis may also face judicial scrutiny going forward.
Meanwhile, US-listed spot Bitcoin exchange-traded funds (ETFs) posted net outflows for a fifth straight week. A total of $3.8 billion has exited over the past five weeks, bringing cumulative net outflows since the start of the year to about $4.5 billion. Notably, on the 18th alone, $84.2 million flowed out of BlackRock’s IBIT and $49.0 million out of Fidelity’s FBTC. Total assets under management (AUM) in Bitcoin ETFs stand at $83.6 billion, equivalent to 6.3% of Bitcoin’s total market capitalization.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
