Customs have stopped collecting illegal tariffs, but why is your Bitcoin still falling?

On February 23, 2026, U.S. Customs and Border Protection issued a brief notice: all tariffs imposed under the International Emergency Economic Powers Act will cease at 12:01 a.m. Eastern Time on Tuesday. When this news reached the crypto community, many breathed a sigh of relief. The Supreme Court finally acted, halting Trump’s “illegal tariffs,” and the market should rebound, right? But the reality is, Bitcoin is still falling. As of 11 a.m. Beijing time today, Bitcoin is priced at $64,800, down 4.8% in the past 24 hours, briefly approaching the $64,300 mark, hitting the lowest level since February 6. Why didn’t the “good news” lead to a rally? The answer lies in another piece of news: at the same time the customs announced the suspension of illegal tariffs, Trump, based on another legal authorization, will implement a new 15% tariff on global goods starting at 12:01 a.m. on February 24.

Source: Pars Todays

Two News, Two Directions

To understand what’s happening, you need to connect the dots over the past three days. On February 20, the U.S. Supreme Court ruled 6-3 that Trump’s large-scale tariffs under the International Emergency Economic Powers Act lacked clear legal authorization and exceeded his authority. On the same day, Trump issued a new executive order, based on Section 122 of the Trade Act of 1974, announcing a 10% import tariff on global goods for 150 days. On February 21, Trump raised the rate from 10% to 15%. On February 23, customs announced the suspension of the “illegal tariffs” ruled by the Supreme Court, but also confirmed that Trump’s new 15% tariffs would take effect on the 24th. So, the real meaning of today’s news is: some tariffs are dead in court, but others are alive and will take effect tomorrow. This is not good news; it’s the last few hours before bad news fully lands.

$175 Billion Confusion

The customs suspension isn’t just about policy—it involves a huge sum of money. According to economists at the Wharton Budget Model at the University of Pennsylvania, the total tariffs imposed under the International Emergency Economic Powers Act by Trump have exceeded $175 billion. As of the 21st, hundreds of companies, including major retailers like Costco, have filed lawsuits demanding refunds of the tariffs paid earlier. Will this money be returned? Trump’s own answer is: “We will spend the next five years in court.” For the crypto market, this money won’t flow back in the short term, nor will it become liquidity. The market’s expected “positive news” is just the beginning of a long legal process.

$60,000 — Everyone’s Focus

This morning, Bitcoin briefly fell below the critical support level of $65,000. Rachael Lucas, an analyst at BTC Markets, said straightforwardly: if it clearly breaks below $65,000, $60,000 will come into view; if it moves upward, bulls need the price to reach $70,000 to reverse the market narrative. Caroline Mauron, co-founder of Orbit Markets, pointed out that the crypto market remains fragile, with participants hoping for support at $60,000. From geopolitical tensions in Iran to the repeated shifts in U.S. tariff policies, macro uncertainty is putting pressure on the market. More concerning is that CryptoQuant’s “Exchange Whale Ratio” has risen to 0.64, a new high since 2015. This indicates that nearly two-thirds of daily Bitcoin inflows to exchanges are from the top ten large holders. The recent decline isn’t driven by panicked retail investors but by large funds acting in advance.

Less Than 6 Hours Left — Three Things You Should Know

There are less than six hours until 12:01 a.m. on February 24. First, the new tariffs are certain. The 15% global tariffs imposed by Trump under Section 122 of the Trade Act of 1974 will take effect tomorrow morning and last for 150 days. It’s not a possibility; it’s happening soon. Second, the refunds for illegal tariffs will be a long process. The $175 billion in refunds will likely take at least five years of legal battles. Short-term, there won’t be any “unexpected windfalls.” Third, $60,000 is the last line of defense. Analysts generally believe that if Bitcoin falls below $60,000, the next target could be $55,000. While traditional safe-haven assets like gold and silver are rising—gold futures up nearly 2% to $5,180, silver up 5.7%—Bitcoin is not following the “safe-haven” narrative this time. It’s moving according to the “risk asset” logic.

Conclusion

At 12:01 a.m. on February 24, the new tariffs will take effect. By then, the “good news” of the illegal tariffs being suspended will have landed, and the “bad news” of the new tariffs starting will also arrive. No one can predict exactly how the market will move. But one thing is certain: in the past 72 hours, Trump has seamlessly switched tariff policies using two laws, two executive orders, and one rate hike. The court cut off his left leg, but he stood up with his right. For Bitcoin holders, the next few hours are crucial—keep your eyes on $60,000. That’s not just a candlestick; it’s a door. On the other side is volatility; beyond that is the unknown.