Bitcoin, Ethereum, XRP Plunge as Tariff Fears Intensify Selling Pressure

▲ Trump, Bitcoin (BTC)/ChatGPT-generated image ©

U.S. President Donald Trump’s surprise 15% global tariff hike has dealt a severe macroeconomic blow to the virtual asset market, triggering nearly $500 million in forced liquidations within 24 hours. Major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) are simultaneously threatening key support levels, pushing investor fear to extreme levels.

According to investment outlet FXStreet on February 23 (local time), President Trump, in response to a U.S. Supreme Court ruling limiting his authority to impose global tariffs, invoked Section 122 of the Trade Act of 1974 to initially order a comprehensive 10% tariff, then raised it to the legal maximum of 15%. The resulting uncertainty in global trade markets has emerged as a new headwind for the cryptocurrency market, which had been suppressed since the fourth quarter of 2025, dragging Bitcoin down to an intraday low of $64,291.

The biggest victims of the downturn were retail traders who had taken on leveraged positions. In the derivatives market, approximately $486 million in liquidations occurred over the past 24 hours on average. Concerns are growing that if tariff disputes and geopolitical tensions persist, additional cascading losses among leveraged position holders could further deteriorate market structure.

Bitcoin is currently managing to stay above $66,000 but remains significantly below key long-term moving averages, including the 50-day exponential moving average at $77,427. With the daily Relative Strength Index (RSI) holding at 34, signaling continued bearish momentum, a failure to defend the short-term low of $64,291 could push prices down to the psychological support level of $60,000. However, the Moving Average Convergence Divergence (MACD) indicator remains above the signal line, leaving some room for a potential counterattack by buyers.

Ethereum, the leading altcoin, has also slipped below the $1,900 resistance level as futures open interest declined from $24.22 billion to $23.88 billion amid waning retail demand. The asset is trading well below its 50-day exponential moving average of $2,428, while the RSI at 33 nears oversold territory, raising the risk of a further drop to $1,748. Reclaiming the $1,900 level is urgently needed for Ethereum to show meaningful recovery momentum.

XRP has likewise succumbed to broader market headwinds and is trading precariously above $1.36. With the daily RSI at 36, bearish pressure is intensifying, and a breakdown below support could accelerate losses toward the October low of $1.25. Although the downtrend remains dominant, the MACD is still positioned above the signal line, suggesting that a breakout above the $1.40 resistance could trigger a dramatic rebound toward the 50-day exponential moving average at $1.66.

Disclaimer: This article is provided for investment reference only and we are not responsible for any losses incurred based on this information. The content should be interpreted for informational purposes only.