Bitcoin declines, erasing half of its gains since the October peak at its lowest point of the session.

Bitcoin fell again on Tuesday, deepening its recent slide and now trading roughly 50% below its October record high, as uncertainty surrounding U.S. tariff policy dampened risk appetite for digital assets.

The world’s largest cryptocurrency slipped 0.9% to $64,169.6 by 17:35 ET (22:35 GMT), after touching an intraday low of $62,650.1.

Broader crypto markets also remained under pressure, with both institutional and retail investors continuing to reduce exposure. Escalating geopolitical tensions involving Iran, along with an AI-driven selloff on Wall Street, further weighed on sentiment.

Bitcoin down 50% from peak

With Tuesday’s losses, Bitcoin is now trading about half below its early-October all-time high of $126,186.

The cryptocurrency has been in a sustained downturn since that peak, as fresh U.S. regulatory measures and ongoing purchases by major corporate holder Strategy failed to meaningfully support prices.

On Monday, Strategy revealed it had acquired an additional 592 Bitcoin. However, the firm is currently facing significant unrealized losses, as Bitcoin trades below its reported average purchase price of $76,020.

On-chain data from CryptoQuant and Coinglass indicated that large holders—commonly known as “whales”—continued transferring substantial amounts of Bitcoin to exchanges, suggesting further selling pressure.

Meanwhile, major buyers appear scarce. Data from Glassnode showed institutional investors recorded a fifth straight week of net outflows from U.S. spot Bitcoin ETFs as of Monday.

Iliya Kalchev of Nexo Dispatch noted that U.S. spot Bitcoin ETFs saw around $203 million in net outflows on Monday alone. At the same time, derivatives markets still show demand for downside hedging, while long-term holders have not signaled broad capitulation—leaving Bitcoin in what he described as a fragile balance between visible pressure and underlying structural conviction.

He highlighted the $60,000–$72,000 range as the key near-term zone. If ETF flows stabilize and macro volatility subsides, the range could form a base. But if outflows continue, focus may shift toward the realized price area near $55,000 as the next major reference point.

Tariff uncertainty adds pressure

Bitcoin’s latest weakness was largely driven by renewed uncertainty over U.S. trade policy after the Supreme Court struck down much of President Donald Trump’s tariff framework.

In response, Trump announced new universal tariffs of 15% under a different legal authority, though the initial rate implemented at midnight Tuesday was 10%. The president now faces additional legal hurdles in expanding tariffs but has shown little intention of retreating from his trade agenda, even warning that countries seeking to renegotiate trade deals could face higher duties.

Although cryptocurrencies are not directly tied to trade flows, they are highly sensitive to shifts in global risk sentiment. The uncertainty surrounding U.S. tariffs has triggered broader risk aversion across financial markets, spilling over into digital assets.

Altcoins follow Bitcoin lower

Most altcoins tracked Bitcoin’s decline, with the broader market showing little sign of relief from the ongoing downturn.

Ethereum slipped 0.1% to $1,857.78, hovering near early-February lows. XRP and BNB fell 0.2% and 1.9%, respectively, while Cardano declined 1.4%. Solana bucked the trend, rising 0.9%.

Among meme tokens, Dogecoin dropped 1.1%, while TRUMP gained 1.3%.