Crypto prices today (Feb. 23): SOL, HYPE, ZEC decline sharply as BTC falls below $65K

Crypto prices today fell as Bitcoin dropped below $65,000 and altcoins posted steeper losses amid rising tariff uncertainty.

The crypto market opened the week under pressure. Total market capitalization fell 4.2% in the past 24 hours to $2.3 trillion.

Bitcoin dropped 4.5%, slipping below the $65,000 level and marking its fifth consecutive month of decline. The break of $65,000, widely viewed as a key psychological and technical support zone, has increased concerns about a potential move toward $60,000.

Altcoins posted steeper losses. Solana fell 9.1% to $77, Hyperliquid declined 9.8% to $27, and Zcash slid 8.2% to $234.

Market sentiment remains deeply negative. The Crypto Fear & Greed Index dropped four points to 5, keeping it firmly in the “Extreme Fear” zone.

According to CoinGlass data, 24-hour liquidations jumped 436% to $463 million. Long positions made up $432 million, or about 93% of total liquidations. This indicates that when prices dropped, traders who had been betting on a recovery were driven out. 

The total cryptocurrency open interest fell 1.51% to $95 billion, indicating that some traders are closing positions. Weak momentum is indicated by the average market relative strength index, which is close to oversold levels at 33.

The sharp rise in liquidations suggests that leverage played a major role in today’s drop.

Tariff uncertainty shakes risk assets

The main trigger for the sell-off appears to be fresh uncertainty around U.S. trade policy.

Over the weekend, President Donald Trump raised a proposed global tariff rate from 10% to 15% through a post on Truth Social. This came after the U.S. Supreme Court struck down earlier emergency tariffs imposed under IEEPA.

Trump then moved to reintroduce tariffs under Section 122 of the Trade Act of 1974, citing balance-of-payments concerns.

The policy shift unsettled financial markets. Gold and silver held up relatively well, while crypto assets sold off. Bitcoin continues to behave like a high-risk asset in times of economic stress.

Interestingly, crypto diverged from some stock markets. Asian equities traded higher in early sessions, while digital assets moved lower. That contrast highlights how sensitive crypto is to sudden risk-off headlines.

Short-term outlook: focus shifts to $60K

Analysts had pointed to $65,000 as a key support level for Bitcoin. With that level lost, $60,000 is now the next major area to watch.

In a Feb. 23 update, Glassnode said investor capitulation is still playing out as Bitcoin searches for a bottom.

The seven-day EMA of Bitcoin’s Net Realized Profit and Loss stands near -$480 million, after falling to -$1.24 billion on Feb. 6. Although realized losses have eased since then, selling pressure is still visible in on-chain data.

In the coming days, price action could stay volatile. If macro fears intensify, Bitcoin may test $60,000 or even lower. On the other hand, a quick move back above the $65,000–$68,000 range could trigger a relief bounce.

For now, traders are watching tariff headlines, Federal Reserve signals, exchange-traded fund flows, and on-chain metrics for signs of stabilization. Extreme fear can sometimes mark a short-term bottom,  but confirmation has yet to appear.