Bitcoin has fallen below $65,000 after the Trump administration announced tariffs of 10% to 12.5% on imports from 60 trading partners covering more than 99% of U.S. trade.

CNBC reported that the duties will take effect at 12:01 a.m. ET on Friday, replacing the temporary 10% global tariff scheduled to expire the same day. The Office of the U.S. Trade Representative has linked the measures to what it described as inadequate enforcement against goods made with forced labor.

Bitcoin traded as low as $64,985 on Thursday, July 23, before briefly recovering above $65,000. crypto.news data showed the asset down about 1.5% over 24 hours, with its market capitalization standing near $1.3 trillion.

Selling resumed after details of the tariff plan emerged, leaving the rebound above $65,000 short-lived. Short-interval charts showed consecutive bearish candles during the decline, while CoinGlass recorded rising liquidations of leveraged long positions as traders faced another risk-off development.

The tariff announcement arrived during a difficult session for risk assets. The Nasdaq Composite fell about 2.2% to a four-week low, while the S&P 500 lost 1.2% and the Dow Jones Industrial Average dropped about 507 points.

Escalating tensions between the United States and Iran had already pressured Bitcoin earlier in the day. Al Jazeera reported that President Donald Trump had threatened an unprecedented “massive attack” on Iran as military exchanges continued across the region.

Strong labor data has added pressure on Bitcoin

Fresh U.S. employment data gave traders another reason to reassess interest-rate expectations. The Labor Department reported that initial jobless claims fell by 22,000 to 187,000 in the week ending July 18, the lowest total since September 1969.

Economists surveyed by Reuters had expected claims to rise to 212,000. Continuing claims also fell by 2,000 to 1.796 million, according to the department, showing that layoffs remained limited despite slower hiring and uncertainty surrounding trade policy.

Stronger labor figures can reduce the urgency for the Federal Reserve to ease monetary policy because they suggest that the economy can withstand restrictive borrowing costs. Interest-rate futures indicated that traders were considering the possibility of a Fed rate increase by September, Reuters reported, as higher oil prices added to inflation concerns.

Treasury yields climbed alongside those expectations, with the 10-year yield reaching about 4.70%, according to Investors Business Daily. Higher bond yields can weigh on cryptocurrencies because they raise the return available from traditional assets that carry less risk than Bitcoin.

Leveraged traders took most of the immediate damage from the decline. CoinGlass data showed that 62,869 crypto traders were liquidated over 24 hours, with total liquidations reaching about $162 million. Separate Coinalyze figures placed Bitcoin liquidations near $28.7 million, including roughly $26.2 million in long positions.

Bitcoin’s fall followed a brief advance toward $67,000 earlier in the week. BTC was approaching a seven-week high on July 21 despite the conflict with Iran and the pending tariff decision, but buyers failed to maintain that move as macroeconomic pressure intensified.

New tariffs have rebuilt Trump’s trade barrier

The administration has imposed the tariffs under Section 301 of the Trade Act of 1974, which allows Washington to respond to trade practices it considers unfair. The legal route differs from the emergency powers used for an earlier set of tariffs that the Supreme Court struck down in February.

A senior administration official described the measures as the most extensive international labor-rights trade action ever taken by any country. According to the administration, the rates depend on how much progress each trading partner has made in restricting imports produced with forced labor.

Countries and territories that have introduced partial restrictions or made related commitments will face a 10% rate. USTR documents show that the group includes Canada, Mexico, the European Union, the United Kingdom, Taiwan, Argentina and several Southeast Asian and Latin American economies.

A 12.5% tariff will apply to partners that the USTR determined had made less progress, including China, India, Japan, South Korea, Vietnam, Australia and New Zealand. U.S. Trade Representative Jamieson Greer has argued that weak enforcement abroad forces American workers to compete against goods linked to abusive labor practices.

Several major product groups will remain outside the new duties. Reuters reported that the exemptions include crude oil, petroleum products, pharmaceuticals, rare-earth materials, aircraft parts and some foods, while goods already covered by Section 232 tariffs will not face an additional charge.

Canadian and Mexican products that comply with the U.S.-Mexico-Canada Agreement will also be exempt. Administration officials said the new steel and aluminum duties would not stack on top of existing national-security tariffs.

The USTR has not published an estimate of how much revenue the tariff package will produce, according to CNBC. Trading partners can potentially secure lower rates by strengthening their forced-labor import rules, although officials said no country currently enforces a complete prohibition.

For Bitcoin, the announcement has added trade uncertainty to a session already shaped by geopolitical tension, rising oil prices, stronger labor data and higher Treasury yields. CoinGecko data placed BTC close to $65,000 at the time of reporting, leaving the level as the immediate test for buyers after the latest decline.

Bitcoin slipped below the $65,000 mark on Thursday, touching a three-day low around $64,799 on Bitstamp, as broader risk markets weakened amid renewed US-Iran tensions. The drop came alongside a selloff in US equities, a rally in oil, and rising expectations that US interest rates could stay higher for longer.

With traders split over whether recent relief will extend—or fade—attention has turned to nearby technical levels, including a widely watched moving-average area that could influence the next leg of momentum.

Key takeaways

• Bitcoin fell to three-day lows near $64,799 on Bitstamp as the S&P 500 and Nasdaq slid on Thursday.
• US-Iran escalation fears fed into risk-off sentiment, lifting oil prices and pushing yields higher.
• Coinciding with the selloff, CME FedWatch odds shifted toward a potential 0.25% hike by the upcoming FOMC, a typical headwind for crypto.
• Traders are watching moving-average support and the $68,000 resistance zone for clues on whether BTC can attempt a bigger breakout.

Geopolitics hits risk assets, and BTC follows

According to TradingView data cited in the report, BTC/USD reached three-day lows of $64,799 on Bitstamp. The move lower was part of a broader pattern: when equities and other high-beta assets struggle, crypto often struggles too.

US market pressure intensified after President Donald Trump warned that he would blame Iran for recent Houthi strikes on Saudi commercial vessels. In a post on Truth Social, Trump said he was “very disappointed” in the Houthis and referenced attacks on US ships from 2025.

By the close of New York trading, the S&P 500 had fallen 1.2%, while the Nasdaq dropped 2.2%. Oil strengthened sharply as well, with Brent crude rising to its highest level since early June and topping $100 per barrel.

That mix—weak equities, higher energy prices, and tightening financial conditions—can be hard for speculative assets. One signal highlighted by The Kobeissi Letter on X was that inflation expectations and interest rates were rising again, reinforcing the sense of renewed macro pressure on risk-taking.

Fed expectations shift: a potential 0.25% hike becomes more likely

Crypto traders often treat changes in Federal Reserve expectations as a direct input into near-term risk appetite. In this case, the report pointed to CME Group’s FedWatch Tool showing an increased chance of a 0.25% hike ahead of the Federal Reserve’s next decision.

Odds neared 40% on Thursday, compared with roughly 12% a week earlier. Historically, expectations for additional rate hikes tend to weigh on assets that typically benefit from easier financial conditions.

The Kobeissi Letter also referenced 18-month highs in US 10-year bond yields, framing the move as evidence of fresh economic stress. Higher yields can tighten liquidity and raise discount rates—conditions that often challenge the multiples and leverage embedded in speculative markets.

BTC traders disagree on the path forward

As price weakened, the market message wasn’t consistent. The report described a split among traders about whether BTC’s relief could continue or whether the recent rally was approaching a turning point.

One commentator, Exitpump, argued on X that the “July rally” may end by late July and that traders should be prepared for downside if price breaks below $65,000. Their view—posted late on Wednesday—was effectively a stop-out narrative for longs: close positions near resistance and turn cautious once the $65K area gives way.

Other traders were more constructive. Crypto trader Jelle suggested BTC was “still making progress,” describing a path in which clearing a local area could open a route toward the $70K region and potentially establish a new trading range. The difference in outlook matters because it determines how quickly traders reposition—whether they treat the current decline as a continuation of bearish momentum or as consolidation before the next attempt higher.

Technical focus: moving averages and the $68,000 hurdle

Beyond macro catalysts, technical levels are currently driving day-to-day decision-making. The report highlighted crypto analyst Michaël van de Poppe’s view that a 21-week simple moving average (SMA) around $64,073 represents key support.

Van de Poppe said, via an X post dated Thursday, that as long as BTC remains above the 21-Day MA, there should be room for a higher valuation in the near term. In the same post, he pointed to the “final hurdle” for a larger breakout: the $68,000 resistance zone, which he noted had been tested once and would now face a second attempt.

He also outlined a bullish target near $73,000 if BTC can break through that resistance area. For traders, this framing matters because it sets up a clear conditional roadmap: support preservation may keep the higher valuation thesis alive, while a sustained failure below key averages could invalidate the breakout scenario.

Heading into the next sessions, traders will likely keep one eye on macro signals—especially Fed expectations and bond yields—and the other on whether BTC can hold the $64K moving-average area and challenge $68,000 again without another sharp slide. The tension between geopolitics-driven risk aversion and the technical bullish targets is likely to define how quickly conviction returns to either side.

With a court set to consider a reversal of a $5 million settlement from the US Commodity Futures Trading Commission’s (CFTC’s) case with cryptocurrency exchange Gemini, the company has sent $10 million in Bitcoin (BTC) to a super political action committee (PAC) supporting President Donald Trump.

According to the MAGA Inc. Super PAC’s July report to the Federal Election Commission (FEC) filed on Monday, the Gemini Trust Company run by co-founders Cameron and Tyler Winklevoss sent two separate contributions of more than $5 million in Bitcoin on June 19. 

The donation, which the PAC may use for independent expenditures to support Trump, was recorded about three weeks after the CFTC filed a joint motion with Gemini in federal court in an attempt to reverse a January 2025 settlement over the company allegedly making false or misleading statements. CFTC Chair Michael Selig claimed at the time that the agency under former US President Joe Biden “politically targeted” the Winklevosses through enforcement actions.

In addition to the recent MAGA Inc. contributions, the Winklevoss brothers each donated $1 million to Trump’s 2024 election campaign and supported the then-candidate through social media posts.  Following Trump taking office in January 2025, the twins attended the signing ceremony for a stablecoin payments bill, the GENIUS Act, backed his sons’ crypto mining venture American Bitcoin and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC in an effort to “support President Trump and his administration’s efforts” related to crypto policy.

Related: Crypto companies have spent $189M so far on 2026 US election cycle: Report

Since attorneys filed the joint CFTC-Gemini motion with the US District Court for the Southern District of New York in May, there has been no decision posted to the public docket. Cointelegraph reached out to the CFTC and Gemini’s counsel, Avi Perry, for comment on the $10 million contribution but did not receive an immediate response. A CFTC spokesperson told Cointelegraph in June that both sides “agreed that the $5 million penalty will not be returned to Gemini” if granted by the court.

In a June letter to Selig, Senator Elizabeth Warren called the joint motion for reversal and other factors as “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders, unbound by the rule of law and failing to protect investors and market integrity.”

As of June 30, MAGA Inc. reported receiving more than $397 million.

Selig remains sole CFTC commissioner with no nominations announced

The CFTC chair, a Republican who was confirmed by the US Senate in December 2025, remains the only member in what is usually a bipartisan group of five commissioners heading the agency.

Many lawmakers have been pressing Trump to announce additional nominations for the financial regulator as Congress considers comprehensive crypto market structure legislation, the Digital Asset Market Clarity (CLARITY) Act. The bill is expected to give the CFTC significant authority in regulating and overseeing digital assets.

As of Thursday, the White House had not announced any nominations for CFTC commissioners, leaving Selig to largely direct the agency’s agenda.

Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach

A federal court is set to weigh whether the U.S. Commodity Futures Trading Commission (CFTC) should reverse a $5 million settlement with crypto exchange Gemini—an enforcement dispute that has become politically charged. In the meantime, filings show Gemini co-founders Cameron and Tyler Winklevoss have backed a pro–Donald Trump political action committee (PAC) with large Bitcoin contributions.

According to the MAGA Inc. Super PAC’s July report to the Federal Election Commission (FEC), Gemini Trust Company, which the Winklevosses run, made two separate Bitcoin donations of more than $5 million each on June 19. The PAC said it may use the funds for independent expenditures supporting Trump.

Key takeaways

• The MAGA Inc. Super PAC reported receiving two Bitcoin contributions from Gemini Trust Company on June 19, each over $5 million.
• The donations occurred roughly three weeks after the CFTC and Gemini filed a joint motion to reverse a January 2025 settlement.
• A CFTC spokesperson previously told Cointelegraph that, even if the court grants the reversal, the $5 million penalty would not be returned to Gemini.
• Senator Elizabeth Warren criticized the reversal effort, calling it a sign the CFTC may be influenced by political pressures.
• The CFTC chair remains the only confirmed commissioner, with lawmakers pressing the White House to nominate additional CFTC members as major crypto legislation advances.

Bitcoin donations emerge alongside the Gemini settlement fight

The political donations come as Gemini and the CFTC continue to litigate the settlement. The CFTC and Gemini jointly filed a motion in federal court in May seeking reversal of a January 2025 settlement tied to allegations that Gemini made false or misleading statements.

The timing is notable: MAGA Inc. disclosed the Bitcoin transfers on June 19, about three weeks after the joint motion was submitted in the U.S. District Court for the Southern District of New York. The filings referenced in the story tie the dispute to the CFTC’s earlier enforcement posture under the prior administration.

Cointelegraph previously reported that CFTC Chair Michael Selig said at the time that the agency had been “politically targeted” against the Winklevosses under former President Joe Biden’s administration. In contrast, criticism from lawmakers has focused on whether the reversal request reflects outside influence rather than a purely legal correction.

What the CFTC-Gemini reversal request means in practice

While the court considers the reversal, the contours of potential outcomes are already clear in one respect: a CFTC spokesperson told Cointelegraph in June that both sides “agreed that the $5 million penalty will not be returned to Gemini” even if the court grants the motion.

That detail limits what “reversal” could realistically accomplish for Gemini from a financial standpoint. Even if the legal settlement is undone procedurally, the record presented to the public suggests the $5 million penalty would remain in place. As a result, investors and market participants are left watching what the court’s decision would change beyond the money—such as how the agency’s enforcement record is treated and whether the case signals a broader shift in CFTC posture toward crypto firms.

Cointelegraph also reported that since the attorneys filed the joint motion in May, no decision has yet appeared on the public docket.

Winklevoss political involvement extends beyond the latest PAC transfer

The June 19 contributions to MAGA Inc. add to a broader thread of political engagement by the Winklevosses. The article notes that Cameron and Tyler Winklevoss each donated $1 million to Trump’s 2024 election campaign and supported the candidate with social media posts.

After Trump took office in January 2025, the twins also reportedly participated in crypto-related policy and industry events. They attended the signing ceremony for the GENIUS Act, a stablecoin payments bill backed by Trump’s administration. They also supported American Bitcoin—linked to Trump’s sons’ crypto mining venture—and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC, according to the reporting cited in the article.

For readers trying to understand what this could signal for crypto policy, the key point is not only the size of the donations but their concentration around moments when regulation is actively being reshaped. The donations align with a period in which the CFTC is at the center of ongoing conversations about digital asset market structure.

Lawmakers question whether enforcement is being politicized

One of the sharpest critiques referenced in the article came from Senator Elizabeth Warren. In a June letter to Chair Selig, Warren called the joint motion for reversal and other related factors “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders,” adding that the agency appeared “unbound by the rule of law” and “failing to protect investors and market integrity.”

Warren’s concern underscores a broader tension frequently debated in U.S. crypto enforcement: whether regulatory actions reflect technical findings based on statutes and evidence, or whether high-profile political dynamics shape the trajectory of major cases. In this instance, the case’s timing—paired with prominent political contributions—has amplified skepticism among critics.

At the same time, supporters of the reversal effort could argue that legal outcomes can evolve independently of campaign activity, and that political support should not automatically be equated with improper decision-making. What remains uncertain for now is how the court will frame the reversal request and what legal reasoning it will accept or reject.

CFTC leadership remains concentrated as nominations stall

The broader governance picture also matters. The article states that Selig remains the only confirmed commissioner at the CFTC, leaving him to effectively direct the agency’s agenda. The CFTC chair is a Republican confirmed by the U.S. Senate in December 2025, and the agency usually operates as a bipartisan body of five commissioners.

The absence of additional nominations has drawn pressure from lawmakers, particularly as Congress considers comprehensive market-structure legislation. The story notes that the Digital Asset Market Clarity (CLARITY) Act is expected to give the CFTC more authority over digital assets. Several lawmakers have pushed Trump to announce additional CFTC nominations in parallel with this legislative process.

As of Thursday, the White House had not announced any nominations, according to the article—meaning Selig continues to hold a disproportionate share of influence during a key period for crypto regulation.

With a reversal motion pending in federal court and CFTC leadership concentrated in a single confirmed commissioner, the next developments will likely come from two directions: what the Southern District of New York decides on the Gemini settlement, and whether the White House moves to restore a fuller CFTC commission as market-structure legislation advances.