Bitcoin Tumbles under $65K after Trump Tariff Shock

With input from CNBC and Bloomberg.

Bitcoin slid as much as 5% on Monday, dipping below $65,000 after President Donald Trump announced plans to raise global tariffs to 15%, a move that shook risk appetite and sent traders scrambling for safer bets.

The drop came even as Asian markets ticked higher in early trade, underscoring crypto’s growing disconnect from regional equities amid fresh policy uncertainty. Bitcoin’s wipeout is part of a longer sell-off: the token peaked above $125,000 in October and has lost roughly 47% since that high, and is down about 26% so far this year.

Market voices pointed to tariffs — and broader geopolitical jitters — as the ignition. Jeff Mei, chief operating officer at blockchain firm BTSE, said the tariff jump is pushing investors out of crypto “in anticipation of a more serious market decline.” He also flagged worries about the US military buildup near Iran and the risk that broader conflict could rattle trade flows.

Others blamed the market’s thin liquidity and low conviction. Markus Thielen of market intelligence platform 10x Research said the move fits a typical bear-market phase — low volumes, lots of uncertainty — and flagged downside toward $50,000 before a more durable bottom forms.

Safe-haven flows showed up in gold, which climbed more than 1% on the session, widening the gap between bullion and the asset often dubbed “digital gold” by figures like Jerome Powell. Ether, the No. 2 token, slid about 3.3% to roughly $1,878 in early trade.

Crypto veterans also point to structural pressures. Matt Hougan, chief investment officer at asset manager Bitwise, has argued this pullback tracks the market’s longer four-year cycle and a rotation into assets like gold and AI stocks — not a single breaking headline.

The tariff bomb dropped by the White House added a fresh layer of uncertainty to an already shaky crypto market, and with liquidity thin, price moves can get exaggerated fast. Traders will be watching policy headlines — and volume — for clues about whether this is a shallow wobble or the start of a bigger slide.