Altcoins tumbled early Monday, Feb. 23, as the digital asset economy buckled under President Donald Trump’s latest threat to impose a 15% global tariff on goods entering the United States. The broad sell-off saw the total altcoin market capitalization slip below the $1 trillion mark for the second time in less than a week, while the wider crypto market cap retreated 3%.

Leading the downturn was ethereum ( ETH), which plummeted from $1,957 to a session low of $1,856 before staging a modest recovery to $1,880. These 24-hour losses of 4.5% wiped approximately $8.4 billion off its market cap, bringing it down to $227 billion. ETH has declined by more than 20% since the start of February and is poised to close in the red for the second consecutive month.

XRP and BNB also faced significant headwinds, with both recording 24-hour losses exceeding 3%. For XRP, this signaled a sharp reversal of its midmonth momentum; after surging 15% over the Valentine’s Day weekend to hit $1.64, it plunged to a session low of $1.34 today. Meanwhile, BNB dipped below the critical $600 threshold as “extreme fear” continued to grip the market heading into month-end.

Some of the most aggressive losses were seen in solana ( SOL), bitcoin cash ( BCH), and hyperliquid (HYPER). SOL—which has struggled with a 36% year-to-date decline—briefly touched a 10-day low of $77.36 before settling just under $80. At the time of writing, SOL was down nearly 7% on the day, while BCH and HYPER both saw declines of approximately 5%.

In stark contrast to the crypto rout, Asian equity markets enjoyed a largely positive session. Investors in the region appeared to favor the U.S. Supreme Court’s ruling against previous trade tariffs, despite the president’s immediate vow to circumvent the court with new levies. Hong Kong’s Hang Seng led the rally, jumping more than 660 points, or 2.53%, to 27,081. South Korea’s KOSPI reached a fresh record high of 5,816 in early trading before paring gains to close 0.1% lower.

The buoyancy in Asian equities stands in fragile defiance of a fracturing global trade order. Investors are navigating a minefield of “tariff diplomacy” as the White House doubles down on its protectionist agenda. This escalation has sparked a high-stakes game of economic brinkmanship with the European Union, punctuated by French President Emmanuel Macron’s vow to meet U.S. levies with equal force—a standoff that has injected a significant “risk premium” into global markets.

• Why did altcoins drop today? President Trump’s tariff threat triggered a broad sell‑off.
• Which coins were hit hardest? Ethereum, XRP, BNB, SOL, BCH, and HYPER all saw steep losses.
• How big was the market impact? Altcoin market cap fell below $1 trillion, with ETH losing over $8 billion in value.
• What’s happening globally? Asian equities rallied despite U.S. trade tensions, highlighting market divergence.

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