A Tariff’s Toll: Crypto’s Downfall

The crypto market, that most capricious of companions, found itself in a state of acute distress today, as global markets, ever the cautious observers, reacted with a mixture of concern and confusion to the latest macroeconomic developments. Bitcoin, that fickle companion, slipped below the $65,000 threshold, leaving its followers in a state of mild despair, while Ethereum and XRP, ever the loyal sidekicks, extended their decline, their values plummeting like a poorly balanced teeter-totter.

One might wonder, dear reader, why this particular day has been chosen by the market to stage its grand performance of despair. The answer, as it turns out, lies in the collision of macroeconomic shocks and the precarious positions of leveraged investors. A 15% tariff, proposed by a certain former U.S. president, has sent tremors through the financial landscape, and the market, ever the melodramatic soul, has responded with a chorus of panic.

Tariff Shock: The Catalyst Behind Today’s Crypto Market Crash

The immediate catalyst for this market’s turmoil was the audacious proposal by the former U.S. president, Donald Trump, to impose a 15% tariff on imported goods. A move that, in the eyes of the market, was akin to a thunderclap in a quiet village, sending ripples of anxiety through the financial landscape. The implication? Higher inflation, a more stubborn Federal Reserve, and a world where risk assets like cryptocurrencies would be the first to suffer. The market, ever the dramatist, interpreted this as a prelude to a tragic opera.

LATEST: BITCOIN SLIDES BELOW $65K AFTER TRUMP TARIFF MOVE

Bitcoin $BTC fell over 5% after President Donald Trump (@realDonaldTrump) announced plans to raise global tariffs to 15%.

Price dropped from $67,600 to near $64,700 in under two hours.

Ether $ETH, $XRP, and Solana…

– BSCN (@BSCNews) February 23, 2026

This proposal, much like a ghost from the past, has reignited fears of trade instability, a specter that haunts the dreams of investors everywhere. The market, ever the melodramatic soul, now dreads the possibility of slower economic growth and a world where speculative investments are met with a cold shoulder. The equity futures, those once-stalwart allies, have grown weak, and volatility, that ever-present companion, has taken a seat at the table.

Liquidations Surge as Fear Grips the Market

The crypto market’s descent into chaos accelerated, as derivatives, those double-edged swords of finance, began their merciless work, leading to a cascade of liquidations that left many investors in a state of disarray. Over the past 24 hours, more than $500 million in leveraged positions were wiped out, with long traders absorbing the brunt of the damage. Bitcoin, the once-proud leader, recorded roughly $220 million in BTC liquidations after losing the $66,000 level, while Ethereum and XRP followed suit, their values crumbling like a house of cards in a storm.

At the same time, the Crypto Fear & Greed Index, that ever-loyal barometer of sentiment, now languished in the depths of Extreme Fear, a testament to the market’s growing anxiety. The combination of macro shock, aggressive long unwinds, and collapsing confidence transformed a headline-driven pullback into a full-scale crypto market crash, at least in the short term. One might say the market has become a tragic hero, doomed to repeat its mistakes.

Bitcoin Price Crash: Key Levels to Watch

The BTC price crash began after repeated rejection near the $68,000-$69,000 resistance band, a sign that the market was not in the mood for a cheerful recovery. Once Bitcoin price failed to hold $65,000, short-term structure weakened and liquidity below that level was rapidly swept. Since the start of Feb, BTC price has been hovering close to the demand zone of $64-$66k, but has failed to trigger a decisive rebound, which replicates a clear bearish sign. The market, ever the skeptic, has no patience for such half-hearted efforts.

Immediate support now sits near $64,000, followed by a stronger demand cluster between $62,000 and $63,000. A decisive breakdown below that zone would expose the psychological $60,000 level, a number that now looms like a specter over the market. On the upside, Bitcoin must reclaim $66,000-$67,000 to neutralize immediate bearish pressure. Without that reclaim, rallies are likely to encounter supply from trapped long positions, a cruel twist of fate for those who dared to hope.

Ethereum Price Action Shows Weakness as Structure Tilts Bearish

Relative to Bitcoin, Ethereum is underperforming and has failed to hold the $1900 level. ETH price has printed a consistent series of lower highs, confirming a short-term structural deterioration. The relative weakness suggests capital rotation out of high-beat alt exposure during the broader crypto market crash. One might say Ethereum has become the tragic figure of the market, forever chasing a dream that seems just out of reach.

Ethereum lost the $1,950 pivot and is now testing the $1,850 support region, which previously acted as demand during corrective phases. A sustained move below $1,850 would bring $1,800 into focus as the next downside level. Resistance sits between $1,950 and $2,000, and Ethereum must reclaim this band to restore constructive structure. The market, ever the critic, remains skeptical of such efforts.

XRP Price Capped Inside Descending Channel: What’s Next

XRP price has been capped inside a falling channel for the past few weeks. The asset previously rallied into the $1.50-$1.70 resistance band, but failed to sustain momentum, marking the upper region of the channel. Since that peak, XRP has produced lower highs and gradually compressed toward the lower boundary of the corrective structure. The market, ever the perfectionist, demands more from its assets.

XRP price crash has pushed price back toward the $1.30 demand zone, a level that previously supported short-term rebounds. Holding above $1.30 keeps the possibility of a recovery toward $1.45-$1.50 intact. A breakdown below that area would open the door toward $1.25, where the next liquidity cluster resides. The market, ever the gambler, now places its bets on the lower end of the spectrum.

Market Outlook

The crypto market crash now hinges on whether Bitcoin stabilizes above $62,000-$64,000 and absorbs recent liquidation pressure. If BTC reclaims $66,000, short-term structure could shift back toward consolidation. However, sustained macro tension and weakness below key support levels may extend downside across ETH and XRP. For now, markets remain reactive to headlines, with volatility elevated and sentiment firmly in risk-off mode. One might say the market has become a tragic hero, forever caught in the throes of uncertainty.

2026-02-23 10:47