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Bitcoin price loses $65K as Trump tariffs loom, will it crash under $60K next?

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Bitcoin price has formed a bearish double top pattern on the daily chart.

Bitcoin price has lost the $65,000 psychological support level as investors remain wary of the impact of new U.S. global tariffs on trade.

Summary

  • Bitcoin price lost the $65,000 psychological support level on Monday.
  • Trump’s new tariffs and U.S.-Iran war concerns are keeping investors at bay from risky assets.
  • A confirmed bearish double top pattern puts more downside pressure on Bitcoin’s price.

According to data from crypto.news, Bitcoin (BTC) price fell roughly 5% from its Monday high of $66,465 to an intraday low of $62,952, extending losses to 35% from its yearly high.

The price tanked amid market uncertainty ahead of the latest 10% tariffs on all nations for a 150-day period unless exempted. This comes after the administration rerouted its strategy under Section 232 after the U.S. Supreme Court blocked previous trade actions.

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While the current 10% rate comes lower than the 15% feared earlier, the Trump administration is working to raise the figure to 15% through a separate order that the President would need to sign.

Investors have a clear memory of how previous U.S. tariffs on key trading partners led to significant volatility in the crypto market. Following the 145% tariff hike against China implemented in April 2025, the total crypto market cap fell by 20% to $1.8 trillion within two months. Bitcoin has historically borne the greatest brunt from such geopolitical friction.

Aside from the tariff drama, another key concern lowering investor appetite is the potential for a U.S.-Iran war. Reports reveal that the U.S. is preparing for military action, while the President himself has threatened to launch an attack on Iran within 10 days through a Truth Social post on Thursday, Feb. 19.

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Bitcoin has so far failed to maintain its status as a safe-haven asset. It has remained in a downtrend since the beginning of 2026 while traditional assets like gold showed signs of strength amid the ongoing macroeconomic and geopolitical stress.

The liquidation cascade that followed the drop under the $65,000 psychological support, where several stop losses were likely concentrated, has also intensified the decline.

Notably, over $218 million in leveraged long positions were wiped out across derivatives markets in the past 12 hours alone. Over the 24-hour period, total crypto liquidations climbed to roughly $369 million, with Bitcoin accounting for nearly $152 million of that figure.

Meanwhile, the 12-spot Bitcoin ETFs have also failed to provide any support. Data from SoSoValue show these investment vehicles recorded $203.8 million in net outflows over the past day, largely led by BlackRock’s IBIT, which saw $116.4 million in redemptions.

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The daily BTC/USDT price chart shows weakness building for the bellwether asset over the coming weeks.

Bitcoin price action has formed a double top pattern, a major bearish indicator in technical analysis. It has also formed a bearish pennant pattern since mid-January, as reported by crypto.news earlier, adding to the negative outlook.

Bitcoin price has formed a bearish double top pattern on the daily chart.
Bitcoin price has formed a bearish double top pattern on the daily chart — Feb. 24 | Source: crypto.news

Furthermore, the MACD lines appear set for another bearish crossover below the zero line. The Aroon Down showing a 100% reading also suggests that bears are still dominating the market.

As such, Bitcoin is most likely to drop to $60,000 next as bears target the key psychological floor. This level resonates with the target calculated by subtracting the height of the double top pattern from the breakout point.

A drop below $60,000, which serves as the last line of defense, could trigger a much deeper correction toward the $50,000 range.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Crypto World

Arizona advances bill to hold Bitcoin and XRP in state reserve

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Arizona advances bill to hold Bitcoin and XRP in state reserve

Lawmakers in Arizona have taken a significant step toward formalizing state-level engagement with digital assets by advancing legislation that would create a Digital Assets Strategic Reserve Fund, allowing the state to hold, invest and potentially lend seized cryptocurrencies.

Summary

  • Arizona lawmakers advanced Senate Bill 1649, which would create a Digital Assets Strategic Reserve Fund allowing the state to hold, invest and potentially lend seized cryptocurrencies.
  • The fund would be administered by the State Treasurer and capitalized using confiscated or forfeited crypto assets rather than taxpayer funds.
  • Eligible assets include Bitcoin, XRP and DigiByte, marking a notable step toward formal state-level recognition of digital assets.

Arizona senate backs crypto reserve fund

The measure, Senate Bill 1649 (SB1649), cleared the Senate Finance Committee in a 4–2 vote and was subsequently approved by the Senate Rules Committee, moving it closer to a full Senate vote.

Under the proposed law, the Arizona State Treasurer would administer the reserve, using assets that have been confiscated, forfeited or surrendered through criminal or civil enforcement actions. Instead of relying on taxpayer dollars to acquire crypto on the open market, the fund would be capitalized with these seized holdings.

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Eligible assets named in the bill include Bitcoin (BTC), XRP (XRP) and DigiByte, alongside other digital assets that meet specified “fair value” criteria such as stablecoins and non-fungible tokens.

The inclusion of XRP in the reserve’s eligibility framework marks a notable development for the token, as it would represent one of the first instances of a U.S. government entity formally recognizing it as a potential reserve asset.

While the legislation does not require the state to immediately purchase or hold these assets, it establishes a legal structure for doing so in the future.

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The bill’s progress highlights a broader trend in U.S. crypto policy, with several states exploring ways to integrate digital assets into public finance strategies.

However, similar initiatives in Arizona have faced pushback in the past from Governor Katie Hobbs, who has expressed caution about exposing state funds to cryptocurrency volatility. SB1649 must still pass both chambers of the legislature and survive executive review before becoming law.

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Ethereum Foundation starts 70,000 ETH staking process to fund operations, bolster network

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Ethereum Foundation starts 70,000 ETH staking process to fund operations, bolster network

The Ethereum Foundation has started staking part of its treasury holdings, putting around 70,000 ETH to work as part of its plan to support ongoing operations in the Ethereum ecosystem.

The staking commenced with a 2,016 ETH deposit, and uses Dirk and Vouch, open-source validator tools developed by infrastructure firm Attestant, the Foundation said.

Dirk functions as a distributed signer that allows for coordination across multiple jurisdictions and reduces single points of failure, while Vouch handles validator duties.

The decision follows the public release of the Foundation’s treasury policy last year to manage crypto and fiat holdings in a way that balances long-term sustainability with Ethereum-aligned values such as decentralization, open-source access and user privacy.

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Rather than letting ETH sit idle, the Foundation now plans to earn staking rewards and redirect those back into funding protocol research, ecosystem development, and community grants.

Based on the CoinDesk Composite Ether Staking Rate (CESR), the current staking yield of the Ethereum validator population is around 2.808%. Data from Arkham Intelligence shows the Ethereum Foundation currently has 172,650 ETH it could deploy, along with an additional 10,000 wrapped ether (WETH).

The staking setup uses a combination of hosted infrastructure and self-managed hardware, including minority clients, spread across several countries, the Foundation said.

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Hashgraph Group Launches Hedera Tool for EU Digital Product Passports

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Hashgraph Group Launches Hedera Tool for EU Digital Product Passports

The Hashgraph Group, a Swiss technology company building on the Hedera network, launched TrackTrace, a platform aimed at helping prepare for upcoming European Union product-compliance requirements tied to digital product passports.

TrackTrace is designed to improve supply-chain visibility by tracking goods and recording product data, including emissions-related information, in a way that can be used for compliance reporting and authenticity checks, the company said in a Tuesday announcement.

The platform builds verifiable audit trails for product-specific data, sustainability credentials, durability and reparability, while incorporating agentic artificial intelligence (AI) to automate workflows for compliance reporting.

The blockchain-based solution comes in response to the EU’s Ecodesign for Sustainable Product Regulation (ESPR), which went into effect on July 18, 2024. The ESPR creates a framework for product-specific rules that can include a Digital Product Passport (DPP) to standardize how key product information is recorded and shared across multiple supply chains.

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A major early milestone is the EU’s battery passport requirement under the EU Battery Regulation, which is set to apply from Feb. 18, 2027, for certain categories including electric-vehicle and industrial batteries above 2 kilowatt-hours.

DPP requirements will extend to textiles, apparel, iron, steel and other priority items starting July 2027.

Related: EU to ban anonymous crypto accounts and privacy coins by 2027

EU climate targets drive data demands

The EU’s Green Deal aims to transform the bloc into a more resource-efficient economy and cut emissions by at least 50% by 2030. It also aims to reach net carbon neutrality by 2050 through the European Climate Act.

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“The European Green Deal strives to establish the first climate-neutral continent by 2050 and needs infrastructure it can trust to transform Europe into a modern, efficient, and sustainable economy,” wrote Stefan Deiss, co-founder and CEO at The Hashgraph Group.

“With TrackTrace built on Hedera, we deliver that critical trust data infrastructure layer that enables companies to comply with DPP regulation, while strengthening global supply chain integrity and fostering the transition to a sustainable, transparent, and circular economy.”

Businesses targeting EU markets will have to rely on solutions such as TrackTrace to ensure compliance with the ESPR.

The Hashgraph Group said it is working with PwC on digital product passport implementations for enterprise clients and that TrackTrace can support traceability across a product’s lifecycle. Cointelegraph reached out to The Hashgraph Group for more details on the collaboration.

Related: Bitcoin treasuries log rare selling streak as BTC trades near $66K

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TrackTrace builds on identity tools

TrackTrace has integrated The Hashgraph Group’s existing decentralized identity solution, IDTrust, to provide verifiable credentials in a decentralized manner.

This enables the linkage between physical events and digital records in a tamper-proof environment, where digital business processes and immutable data audit trails are anchored on the Hedera network.

Hedera claims to be the world’s most energy-efficient distributed ledger technology (DLT) that is governed by a council of leading global organisations including Dell, Deutsche Telecom, EDF, FedEx, Google, Hitachi, IBM, Mondelēz and Standard Bank, among over 30 Hedera Council members.

Competing supply chain traceability solutions include the blockchain-based IBM Sterling Transparent Supply, TraceX, Circular for batteries and plastics, and TrusTrace for fashion and textile traceability.

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