On Monday, February 23, 2026, the cryptocurrency market is navigating a sea of red. A wave of sell-offs has pushed total market capitalization down 3.5% after a period of relative stability, hovering near $2.25 trillion at the moment. Bitcoin (BTC), which has fallen below the psychological support level of $65,000, has borne the brunt of the shift. While it has seen a minor bounce to trade around $65,549, the volatility has sent ripples through the altcoin market.
The Catalyst: Fears of a Trade War Rekindled This is a macro-driven "risk-off" event rather than just a technical correction. The primary trigger was President Donald Trump's announcement of a rise in global tariffs. Plans to increase global tariffs from the previously mentioned 10% to 15% are in the news. The justification is a concern about the balance of payments in the United States. The Market Reaction: Investors immediately stayed away from "risk assets" like cryptocurrencies out of concern for inflation and the possibility of a new global trade war. Across the Board Impact The downturn hasn't spared the major players. Following the announcement, the top assets' performance is as follows: $461 Million in Liquidations: The "Long" Squeeze The sharp price drop triggered a cascade of forced liquidations. In the last 24 hours, approximately $461 million has been lost, according to on-chain data. Key Stat: Over 134,000 traders were liquidated, with "long" positions (those betting on a price increase) making up a staggering 93% of the total volume.
A "waterfall" effect occurs when leverage is released so quickly, driving prices lower than what organic selling alone would dictate. Support or further slide in the future? Analysts are currently keeping a close eye on the $64,000 and $62,000 levels. We could see a test of the $60,000 floor if Bitcoin does not reclaim $66,000 quickly. However, some "whales" are already seeing this as an opportunity for accumulation in the shape of a V, so they are able to withstand the selling pressure at these lower entries. What’s your move?$BTC
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