On February 23, 2026, U.S. Customs and Border Protection issued a brief notice: at 12:01 a.m. Eastern Time on Tuesday, it would stop collecting all tariffs imposed under the International Emergency Economic Powers Act. When the news reached the crypto community, many breathed a sigh of relief. The Supreme Court had finally intervened; Trump’s “illegal tariffs” were halted—surely the market should rebound?
But reality says otherwise. As of 11:00 a.m. Beijing time today, Bitcoin was trading at $64,800, down 4.8% over the past 24 hours, briefly approaching the $64,300 mark—its lowest level since February 6. Why didn’t the “good news” lift prices?
The answer lies in another headline: at the same time Customs announced the halt of illegal tariffs, Trump invoked a separate legal authority to impose a new 15% tariff on global goods, set to take effect at 12:01 a.m. on February 24.
Two Headlines, Two Directions
To understand what happened, you have to connect the news from the past three days.
On February 20, the U.S. Supreme Court ruled 6–3 that Trump’s large-scale tariffs imposed under the International Emergency Economic Powers Act lacked clear statutory authorization and exceeded executive authority. On the same day the ruling was announced, Trump issued a new executive order under Section 122 of the Trade Act of 1974, declaring a 10% import tariff on global goods for 150 days. On February 21, he raised the rate from 10% to 15%.
On February 23, Customs announced it would stop collecting the “illegal tariffs” ruled against by the Court, while confirming that Trump’s newly signed 15% tariff would take effect on the 24th.
So the real meaning of today’s news is this: one set of tariffs has been struck down by the Court, but another has come to life—and it takes effect tomorrow. This is not bullish news; it is merely the final hours before bearish news materializes.
A $175 Billion Accounting Mess
Customs’ suspension involves not just a policy shift, but a massive sum of money. Economists at the Wharton Budget Model of the University of Pennsylvania estimate that the tariffs imposed under the International Emergency Economic Powers Act have totaled more than $175 billion.
As of the 21st, hundreds of companies—including major retailer Costco—had filed lawsuits seeking refunds of previously paid tariffs.
Will that money be returned? Trump’s own answer: “For the next five years, we’ll be in court.”
For the crypto market, this money will not flow back in the short term, nor will it become liquidity. The “good news” the market hoped for is merely the beginning of a prolonged legal process.
$60,000: All Eyes Are Here
This morning, Bitcoin briefly fell below the key $65,000 support level. Rachael Lucas, analyst at BTC Markets, put it bluntly: if $65,000 is decisively broken, $60,000 comes into view; on the upside, bulls would need a move to $70,000 to shift the narrative.
Caroline Mauron, co-founder of Orbit Markets, noted that the crypto market remains fragile, with participants looking to $60,000 as support. From geopolitical tensions involving Iran to shifting U.S. tariff policies, macro uncertainty is weighing on markets.
More concerning, CryptoQuant data show the “exchange whale ratio” has risen to 0.64, the highest level since 2015. This means that nearly two-thirds of daily Bitcoin inflows to exchanges are coming from the top ten holders. The current decline is not being driven by panicked retail investors, but by large capital moving early.
Less Than 6 Hours Left: Three Things You Should Know
With less than six hours until 12:01 a.m. on February 24:
First, the new tariffs are certain. Trump’s 15% global tariff under Section 122 of the Trade Act of 1974 takes effect early tomorrow and will last 150 days. This is not a possibility—it is imminent.
Second, refunds of the illegal tariffs will take time. The $175 billion in potential refunds could take at least five years of litigation. There will be no short-term liquidity windfall.
Third, $60,000 is the final line of defense. Analysts widely believe that if it breaks, the next target could be $55,000.
While traditional safe-haven assets such as gold and silver are rising—gold futures up nearly 2% to $5,180, silver up 5.7%—Bitcoin is not following a “safe-haven” narrative this time. It is trading under a “risk asset” logic.
Conclusion
At 12:01 a.m. on February 24, the new tariffs take effect. By then, both the “good news” of halted illegal tariffs and the “bad news” of new tariffs will have fully materialized.
No one can say with certainty how the market will move. But one thing is clear: over the past 72 hours, Trump has used two laws, two executive orders, and one tariff hike to complete a “seamless switch” in tariff policy. The Court cut off his left leg; he stood back up on his right.
For Bitcoin holders, keep your eyes on $60,000 in the coming hours. That is not just a candlestick on a chart—it is a door. On this side lies consolidation. On the other side lies the unknown.
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