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Bitcoin fell below $63K, losing 50% from its October peak
Bitcoin fell on Tuesday, extending recent losses and shedding half its value from its October record high, as uncertainty surrounding U.S. tariff policy dampened risk appetite in the cryptocurrency market.
The broader cryptocurrency market also extended recent declines, as institutional and retail traders continued to sell off their holdings. Heightened geopolitical uncertainty around Iran and an AI-driven sell-off on Wall Street worsened sentiment.
Bitcoin fell nearly 4% to $63,131.3 as of 06:13 GMT. Earlier in the day, the cryptocurrency dropped to $62,758.2.
Bitcoin loses 50% from record high; tariff concerns weigh
After Tuesday’s losses, Bitcoin is now trading about 50% below its record high of $126,272 reached in early October.
The world’s largest cryptocurrency has been in a prolonged downtrend since then, as new U.S. regulatory measures and continued purchases by the largest corporate holder Strategy did little to improve sentiment.
Strategy disclosed the purchase of an additional 592 Bitcoin on Monday. The company is carrying substantial unrealized losses on its Bitcoin holdings, with the cryptocurrency also trading below Strategy’s average Bitcoin purchase price of $76,020.
Blockchain data analysis from CryptoQuant and Coinglass showed that large Bitcoin holders — known in the industry as “whales” — continued moving massive amounts of cryptocurrency to exchanges, likely for further selling.
At the same time, there was a lack of major buyers among institutional and retail investors. Glassnode data showed that institutional investors had been selling spot Bitcoin exchange-traded funds for the fifth consecutive week as of Monday.
Uncertainty around Trump tariffs weighs, new duties take effect
The latest wave of Bitcoin weakness was mainly driven by heightened uncertainty around U.S. trade policy after the Supreme Court overturned much of President Donald Trump’s trade tariffs.
Trump responded by announcing universal tariffs of 15% under a different legal framework, although the duties took effect at only 10% at midnight Tuesday.
Trump now faces a more serious legal challenge regarding the imposition and increase of his trade tariffs, although the president has shown no signs of backing away from his tariff agenda. He also threatened countries with higher tariffs if they attempt to renegotiate recent trade agreements with Washington.
Although cryptocurrency markets are not directly affected by trade disruptions, they are highly sensitive to shifts in market sentiment given their entirely speculative nature. Uncertainty around U.S. tariffs has triggered risk aversion across global financial markets.
Crypto prices today: altcoins follow Bitcoin losses with no relief
Most altcoins fell in tandem with Bitcoin on Tuesday, with the sector seeing no relief from the prolonged sell-off.
The world’s second-largest cryptocurrency, Ether, fell 2.8% to $1,826.75, remaining close to its early-February lows.
XRP and BNB fell 2.6% and 1.4%, respectively, while Cardano and Solana dropped 3.3% and 2.8%, respectively.
Among meme coins, Dogecoin fell 3.6%, while $TRUMP declined 0.9%.
See also: "Bitcoin (BTC) Continues to Fall! How Long Will This Last? Analysts Explain!"
