Bitcoin drops below $65,000

The world’s largest cryptocurrency dropped 4.6% to $64,882.1, after slipping as low as $64,384.2 in the last 24 hours

Bitcoin dropped below $65,000 in Asian trading on Monday, slipping to early-Feb levels when prices briefly dropped near $60,000, as large holders increased selling, amid a broader risk-off mood over international trade policies.

The world’s largest cryptocurrency dropped 4.6% to $64,882.1 as of 03:37 GMT, after slipping as low as $64,384.2 in the last 24 hours.

On-chain data from CryptoQuant shows a rise in so-called whale activity, with the exchange whale ratio jumping as major holders moved coins onto trading platforms, typically a precursor to selling.

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.

Sentiment was dented by developments in trade policies of countries such as the U.S. The country’s Supreme Court last week struck down elements of President Trump earlier tariff programme.

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, impacting financial markets.

The tariff escalation weighed on equities and other risk-sensitive assets in the country’s trading on Monday. Investors were concerned that higher trade barriers could slow growth and dampen liquidity conditions – factors that typically pressure cryptocurrencies.

Other major tokens also slid sharply, with Ethereum and XRP dropping almost 6% each.

U.S. economic data released on Friday added to the cautious mood. Gross domestic product rose at a 1.4% annualised pace in the fourth quarter, underscoring a slowdown in growth, while the personal consumption expenditures price index remained higher at 2.9% year-on-year.