Story perspectives

Bitcoin Plummets as Trump Proposes Global Tariff Hike

2/23/2026

Summary

Story summary

Bitcoin fell to about $64,300 on February 23, 2025, as U.S. President Donald Trump announced plans to raise global tariffs to 15%, triggering risk-off sentiment.
The broader cryptocurrency market lost more than $100 billion in value within 24 hours.
Traders monitor support around $60,000 as a break below that level could signal further declines.

History

Historical Context

The Smoot-Hawley Tariff Act, enacted on June 17, 1930, raised U.S. tariffs significantly, leading to a 66% drop in exports and exacerbating the Great Depression. Similarly, President Donald Trump's April 2025 tariff announcement, which raised average tariffs to 24%, triggered a market downturn, causing Bitcoin to fall to $64,300 and resulting in a $100 billion loss in the cryptocurrency market, highlighting the historical risks of protectionist policies.

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Story summary

Bitcoin fell to about $64,300 on February 23, 2025, as U.S. President Donald Trump announced plans to raise global tariffs to 15%, triggering risk-off sentiment.
The broader cryptocurrency market lost more than $100 billion in value within 24 hours.
Traders monitor support around $60,000 as a break below that level could signal further declines.

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