Crypto market cap slips 3.8% to $2.31 trillion; Bitcoin hovers near $65,000 amid tariff jitters

The global cryptocurrency market extended its losses on Monday, with total capitalisation sliding 3.8 per cent over the past 24 hours to $2.31 trillion, as investors trimmed exposure to risk assets amid renewed uncertainty over US trade policy.

Bitcoin was trading at $65,132.16, down 4 per cent, hovering precariously around $65,000 mark. Ethereum, the second-largest digital asset by market value, fell 5.2 per cent to $1,867.23.

The retreat in crypto prices followed fresh volatility in global markets after US officials said on Sunday that trade agreements already negotiated with partners would remain in force, despite a Supreme Court ruling that struck down US President Donald Trump’s use of emergency authority to impose tariffs.

In a social media post on Saturday, Trump said he would raise the proposed global tariff from 10 per cent — announced a day earlier — to 15 per cent, deepening investor unease. The US dollar and stock futures weakened in early Monday trade, even as a broad gauge of Asian equities advanced about 1 per cent.

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Bitcoin has struggled to regain momentum after erasing the remaining gains logged following Trump’s re-election victory in November 2024. Optimism around a more crypto-friendly second term had propelled the token to a record above $126,000 last October, before a sharp and prolonged correction set in. Since then, the broader digital asset market has shed more than $2 trillion in value, with smaller tokens bearing the brunt of the sell-off.

Altcoins remained volatile in Monday’s trade, with several mid- and small-cap tokens witnessing sharp intraday swings — a sign that speculative interest persists despite the broader risk-off mood.