Global trade is currently experiencing heightened uncertainty, a situation that is reverberating throughout the cryptocurrency market. As of February 23, 2026, the Fear and Greed Index (FGI) for cryptocurrencies has dropped to a concerning 11 points, indicating a bearish sentiment among investors. The market cap for cryptocurrencies has also declined by 3.37%, now standing at $2.18 trillion.
In recent developments, the US Supreme Court”s decision to strike down tariffs imposed by former President Donald Trump has led to a variety of sentiments surrounding trade. Experts are struggling to find clarity in the future landscape of global trade, which is further complicated by ongoing inflation concerns expressed by the Federal Reserve. Ray Attrill, the Head of Currency Strategy at National Australia Bank, remarked in a recent podcast that the environment has become increasingly uncertain, making predictions about future trade dynamics difficult.
On the trade front, President Trump has temporarily increased tariffs from 10% to 15%, with his administration considering additional national security tariffs on key industries such as plastic piping, industrial chemicals, and large-scale batteries. This ongoing uncertainty is affecting countries regardless of any previous trade agreements they may have reached with the US. Notably, the European Parliament has delayed its voting session on a trade deal with the United States, reflecting the prevailing apprehension.
As for the cryptocurrency market, bearish trends are evident. Bitcoin (BTC) has experienced a 3.95% decline over the last 24 hours and a 7.37% drop within the past week, trading at $63,187.61 at the time of this writing. Ethereum (ETH) has similarly lost 7.51% of its value over the past week, now priced at $1,828.01. Additionally, there has been a significant outflow from both the Spot Bitcoin ETF and Spot Ethereum ETF, with the former seeing outflows of $203.8 million and the latter $49.5 million on February 23, 2026.
In just a single day, approximately $375.45 million in liquidations have occurred within the crypto market. This environment of uncertainty is leading both individual investors and institutional players to reevaluate their positions. As the situation develops, all eyes remain on the impact of these global trade dynamics on the cryptocurrency space.
