Bitcoin Falls Below $65K as Trump’s New Global Tariffs Rattle Crypto Markets

Bitcoin slipped below the key $65,000 level after the Trump administration unveiled sweeping new global tariff measures set to take effect just after midnight ET on Friday, adding fresh pressure to an already cautious cryptocurrency market.

The new tariff policy introduces rates ranging from 10% to 12.5% on imports from 60 countries that account for more than 99% of U.S. trade. The tariffs will replace the temporary 10% global tariff system and are linked to allegations that affected countries have failed to adequately address forced labor concerns. According to senior administration officials, the move represents one of the most comprehensive international labor rights actions ever taken by the United States. Officials also clarified that the new tariffs will not be added on top of existing Section 232 duties on steel and aluminum.

Following the announcement, Bitcoin (BTC) dropped to $64,985.16, down 1.37% on the day. Earlier in the session, the leading cryptocurrency had already fallen below the $65,000 mark amid rising geopolitical tensions surrounding the U.S.-Iran conflict. Although BTC briefly recovered above the psychological support level, renewed selling emerged after news of the tariffs triggered broader market uncertainty.

Technical indicators also reflected weakening momentum, with Bitcoin’s 15-minute chart showing a series of bearish candles. At the same time, lower-than-expected U.S. initial jobless claims reinforced expectations of a resilient economy, influencing market sentiment and contributing to long-position liquidations across the crypto sector.

The latest tariff package marks another escalation in President Donald Trump’s trade agenda, despite legal challenges that have blocked some previous tariff initiatives. The administration argues the measures are designed to combat unfair trade practices and strengthen the United States’ negotiating position with global trading partners.

The policy follows recent tariff increases on Brazilian imports, which rose to 25% this week, and a planned 50% tariff on a broad range of Canadian goods scheduled to take effect next month. The White House first outlined the updated tariff framework in June, and the new rules will officially replace the temporary tariff system once it expires on Friday.