Oh, the agony! Bitcoin, the digital darling we all loved to hate, just couldn’t keep its weekend glow. It took a nosedive from a dizzying height of $68,600 to a dismal low of $64,161. And why, you ask? Blame it on the macroeconomic chaos stirred up by none other than President Trump, who decided that a 15% tariff on imports was just what America needed. Because when in doubt, tax it out!
The Sunday Slump
Bitcoin’s weekend joyride hit a brick wall on Monday, Feb. 23. Just two days ago, it was riding high, and now it’s back down to under $64,200-like a bad hangover after a night of celebrating your cryptocurrency gains. The global markets collectively gasped after a double whammy: a U.S. Supreme Court ruling on tariffs followed by Trump’s passionate announcement about those lovely new import taxes. Nothing says ‘good investment’ like impending doom!
A mere 48 hours ago, the mood was buoyant. Investors were practically throwing confetti as bitcoin touched over $68,600, all thanks to the Supreme Court’s ruling. But alas, optimism is like a soap bubble-beautiful until it pops. And pop it did! Late Sunday, Trump unleashed his fury on the judiciary and promised fresh tariffs, leading to a diplomatic kerfuffle that even Shakespeare would have found amusing.
As the decline began, it was like watching a slow-motion train wreck-until, suddenly, the floor fell out around 7 p.m. EST on Feb. 22. In a jaw-dropping two-hour window, bitcoin lost over $3,000 in value, plummeting to a stunning session low of $64,258. By midday Monday (12:55 p.m. EST), it was languishing at $64,161. And get this: even a $39.8 million acquisition from Strategy-normally a good sign-didn’t do much more than give the bears a gentle nudge.
The current downward spiral is fueled by a mass exodus of institutional players. Spot bitcoin exchange-traded funds (ETFs) recently recorded their fifth consecutive week of net outflows, with investors pulling a staggering $316 million last week alone. That brings the cumulative withdrawal total to a jaw-dropping $3.8 billion. And just to add some extra spice, on-chain monitors caught Blackrock moving more than 1,100 BTC to Coinbase-because nothing says ‘trust me’ like a massive transfer right before a sell-off.
And if that doesn’t sound ominous enough, let’s talk about the reported offloading of 11,300 BTC by a Satoshi-era whale. This colossal movement coincided with a spike in sell orders during Asian and European trading hours-oh, joy! Just what we needed: more panic in the crypto waters!
Meanwhile, while bitcoin seesawed toward its daily low, $39.5 million in long bets vaporized in just four hours. In total, a shocking $238 million in long liquidations occurred within a mere 24 hours, as the broader crypto economy witnessed a staggering $590 million in total leveraged positions wiped out in one single day. Happy trading, everyone!
FAQ ❓
- Why did bitcoin drop? Fresh U.S. tariff threats from President Trump rattled global markets.
- How steep was the fall? Prices plunged over $3,000 in two hours, sinking below $64,200.
- What role did institutions play? Spot ETFs saw $316M in weekly outflows, with $3.8B pulled in five weeks.
- Were whales involved? A reported 11,300 BTC offload by a Satoshi‑era wallet fueled sell pressure.
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2026-02-23 22:47