Quick overview

Live BTC/USD Chart

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Bitcoin continued to fall on Tuesday, setting the cryptocurrency up for its biggest monthly decline since a string of company failures in 2022. During Asian trading hours, the original cryptocurrency dropped as much as 3 percent to $62.5K

It is currently experiencing its worst monthly performance since June 2022, down more than 19 percent in February.

The collapse of the stablecoin project TerraUSD that year set off a series of failures, including the lender BlockFi and the cryptocurrency hedge fund Three Arrows Capital.

Additionally, Bitcoin is forecast to drop for the fifth consecutive month, which would be its longest losing run since 2018—another turbulent year for cryptocurrency markets marked by the collapse of a boom in initial coin offerings.

The decline, which prolongs a selloff that started in October, coincides with a general risk-off sentiment in international markets following President Donald Trump’s announcement of plans to raise global tariffs to 15%. This move unnerved investors and put pressure on stocks and other higher-risk assets.

According to Rachael Lucas, a cryptocurrency analyst at BTC Markets, “President Trump’s decision to raise global tariffs to 15% rattled risk assets broadly, and Bitcoin moved with them.” Bitcoin is still regarded as a risky asset despite the “digital gold” hype.

Tony Sycamore wrote in a research note that Bitcoin is closer to its 200-week moving average of $58,503. Whether or not prices stabilize may depend on whether the token maintains its value above that level, as it did in early February.