The cryptocurrency market took a sharp hit on February 23 after President Trump announced an immediate increase in global tariffs from 10% to 15%, citing a Supreme Court ruling. Bitcoin (BTC) dipped 0.76% to $67,355, while Ethereum (ETH) fell 1.28% to $1,944.5. Total market capitalization stood at $2.38 trillion, down 0.7%, with trading volume at $53.7 billion.
Fear & Greed Index Plunges to Extreme Fear
The Fear and Greed Index dropped from 9 yesterday to just 5 (Extreme Fear) — the lowest level in recent history. One month ago it read 25, indicating a rapid deterioration in sentiment. The index reflects panic driven by macroeconomic uncertainty, tariff escalation, and falling prices, signaling potential capitulation and weak investor confidence.
Bitcoin Dominance Holds, Altcoins Take Mixed Hits
Bitcoin's market dominance remained strong at 56.6%, while Ethereum accounted for 8.89%. Top gainers included Polkadot and XRP Ledger Ecosystem tokens. On the losing side, Ethena (ENA) dropped 7.03%, LayerZero (ZRO) lost 6.43%, and Zcash (ZEC) slipped 5.77%. Stablecoins showed no change, with a combined market cap of $310 billion and trading volume of $40.7 billion. The DeFi sector declined 1.3% to $49.3 billion, representing 2.1% of total crypto market cap.
Pippin Surges 25%, AI-related Tokens Active
Amid the broader downturn, Pippin (PIPPIN) led gainers with a 25.58% rally to $0.619, on $66 million in volume. Kite (KITE) gained 16.46%, Toncoin (TON) rose 1.38%. The divergent performance highlights selective altcoin interest despite fragile liquidity.
Tariff Shock, Jupiter DAO Vote, Bitdeer Sells All BTC
Trump's tariff increase — from 10% to 15% global flat rate — adds fresh macro pressure to risk assets. Jupiter DAO voted 75% in favor of a Net-Zero Emissions proposal, delaying the Jupuary event, repurchasing 700 million JUP tokens, and halting team incentives to curb supply. Bitcoin miner Bitdeer reported mining 189.8 BTC this week and selling all output, leaving zero reserves — a net BTC reduction of 943.1. Other news: Base left the Superchain, Moonwell experienced a hack via AI code leading to multiple DeFi closures, xStocks volume hit $25 billion, Uniswap suggested a fee increase, and the TRUMP meme coin entered its next stage with new market makers and 5% supply allocated to ecosystem development. X's product lead Nikita Bier warned that paid posts will require disclosure labels next week, with non-compliant accounts risking suspension.