Bitcoin briefly fell below $65,000 in Asian trading on Monday, remaining under pressure as large holders continued to dump cryptocurrencies, with heightened uncertainty over U.S. trade policy souring risk appetite further.
The world’s largest cryptocurrency fell 4% to $65,296.8 as of 01:30 ET (06:30 GMT), after slipping as low as $64,384.2 in the last 24 hours. The coin was back in sight of lows seen in early-February, where Bitcoin briefly broke below $60,000.
Broader crypto prices also tumbled, with Ether under notable pressure after founder Vitalik Buterin was seen selling more of his holdings.
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Bitcoin slammed by whale sales as crypto appetite sours On-chain data from CryptoQuant showed an increased amount of Bitcoin flowing from large private wallets-- known in the industry as "whales"-- and onto mainstream exchanges, likely heralding more sales.
Whale sellers -- entities holding large amounts of Bitcoin, often early adopters, institutional investors or crypto funds -- can exert outsized influence on short-term price action when they transfer holdings to exchanges.
A movement onto exchanges usually heralds a sale. It also presents more price pressure on Bitcoin by increasing its readily available supplies.
But there appeared to be a lack of major buying action on most crypto exchanges, with sentiment towards the sector remaining under pressure after deep price losses in recent months.
Renewed upheaval in U.S. trade policy added to this trend. The U.S. Supreme Court last week struck down a large portion President Donald Trump’s trade tariffs, ruling that he overstepped his authority in tariffing major trading partners.
Trump subsequently announced a new 10% global tariff on imports for 150 days and later raised the rate to 15%, the maximum allowed under the relevant statute, unsettling financial markets.
The tariff escalation weighed on equities and other risk-sensitive assets in Asian trading on Monday. Investors were concerned that higher trade barriers could slow global growth and dampen liquidity conditions -- factors that typically pressure cryptocurrencies.
Crypto price today: altcoins fall, Ether founder sales weigh Other major tokens also slipped sharply, with Ether coming under renewed pressure after founder Buterin was seen selling more of his holdings.
Ether fell nearly 5% to $1,878.63, coming back in sight of early-February lows.
Buterin was seen selling at least 1,694 Ether for $3.3 million over the weekend. While the sale still represents a small portion of his holdings, it sparked concerns over more whale-related selling pressure on the world’s second-largest crypto.
Among other altcoins, XRP, Solana, Cardano, and BNB slid between 3% and 8%.
In memcoins, Dogecoin fell 2.9%, while $TRUMP lost 3.4%.
U.S. economic data released on Friday added to the cautious mood. Gross domestic product expanded at a 1.4% annualised pace in the fourth quarter, underscoring a slowdown in growth, while the personal consumption expenditures price index remained elevated at 2.9% year-on-year.
Sticky inflation alongside cooling growth complicated the outlook for Federal Reserve rate cuts, tempering expectations of imminent monetary easing this year.
