Tariff issues come back, bitcoin investors brace for drops: Crypto Daybook Americas

February 23, 2026

Uncertainty surrounding tariffs is causing ripples in the market once again, and it’s affecting Bitcoin, currently valued at $65,619.63. Traders are looking for ways to safeguard their positions.

On Friday, the U.S. Supreme Court deemed President Donald Trump’s emergency tariffs from last April invalid. Almost immediately, Trump responded with new tariffs, enabling import duties of up to 15% for 150 days to tackle “international payments issues.”

Clearly, the president has a fondness for the term “tariff.” This development means trade-related uncertainties are sticking around, creating challenges for risk assets such as Bitcoin.

In response, Bitcoin traders have been adjusting their strategies. Deribit has noted a significant rise in open interest for put options with strike prices at $58,000, $60,000, and $62,000, indicating that many traders are bracing for a downturn. Put options are, after all, a way to hedge against potential price drops.

Over the weekend, Bitcoin rallied to about $66,000 before dipping to a low of $64,481 early Monday. This drop appeared to coincide with reports of significant Bitcoin transfers to exchanges by major holders, which could hint at impending sales. However, the price has since bounced back above $66,000.

Ethereum also saw some recovery from earlier lows around $1,856, even as blockchain data pointed to increased sales from one of its co-founders, Vitalik Buterin.

This week, trade tensions are likely to influence market sentiment, with Nvidia’s performance possibly adding to volatility. Some analysts remain optimistic that Bitcoin ETF flows might stabilize and bolster the overall market.

Timothy Misiel, head of research at BRN, noted in an email, “The leveling off of outflows suggests that institutional selling is maturing. If this trend continues, we might see a shift towards a more defensive stance.”

He added, “For now, liquidity defines the environment. Supply is abundant, but confidence is shaky. Markets are waiting for either macroeconomic easing or renewed structural demand.”

In traditional markets, Goldman Sachs has raised its fourth-quarter forecasts for Brent and WTI crude, anticipating prices of $60 and $56 per barrel, respectively, due to lower-than-expected inventories. Recent surges in oil prices raise concerns about potential military conflict between the U.S. and Iran, which could drive global inflation upward and pressurize risk assets. So, keeping an eye on these developmements seems wise.

What to Watch

For a more detailed look at this week’s events, refer to CoinDesk’s “Crypto Week Ahead.”

Cryptography
- February 23: Alchemy Chain testnet goes live.
Macro
- February 23, 8:00 AM: Fed Director Christopher Waller speaks about the economic outlook.
- February 23, 10:00 AM: Dallas Federal Reserve Manufacturing Industry Index for February.

Token Events

For a comprehensive list of this week’s events, check CoinDesk’s “Crypto Week Ahead.”

Governance votes
- February 23: DYdX Foundation will host an analyst call.
- February 23: Pudgy Penguin will hold an Inner Igloo Meeting.
- Uniswap DAO is voting on implementing protocol charges across V3 pools.
- ZKsync DAO will vote to assign funding for auditing programs.

Market Movements

Bitcoin (BTC) has declined 1.99% to $66,466.38 since Friday.
Ethereum (ETH) fell 2.75% to $1,920.06.
CoinDesk 20 decreased by 2.7% to 1,913.13.
Bitcoin funding rate is -0.0047% on Binance.

Bitcoin Statistics

BTC advantages: 58.75% (-0.44%)
Ether/Bitcoin ratio: 0.02888 (-0.21%)
Hashrate: 1,016 EH/s
Hash Price: $29.02
Total fees: 1.88 BTC / $127,386
CME futures open interest: 119,015 BTC
BTC Gold Price: 12.9oz
BTC vs. Gold Market Cap: 4.44%

Technical Analysis

The weekly chart shows Bitcoin’s price movements in candlestick format. The latest candlestick has a long wick, indicating potential seller fatigue. This pattern often occurs after significant price drops and might hint at an upcoming rebound.