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(Bloomberg) -- Bitcoin traded near the lower bounds of its recent trading range as renewed anxiety over corporate profits, coupled with lingering uncertainty over US tariffs, squelched risk appetites across global markets.

The original digital asset fell as much as 4.8% to nearly $64,300, its lowest since Feb. 6. Other tokens fared worse, with Ether, the second-largest token, retreating as much as 5.6%.

The White House swiftly announced plans to replace the prior tariffs with a new, across-the-board 15% levy on US imports. Delivery and payment shares sank as Citrini Research published a report laying out the potential risks AI could pose to various segments of the global economy.

“The failure at the start of the day was primarily due to low liquidity, which triggered an avalanche of stop orders when the price fell below the local support line,” said Alex Kuptsikevich, chief market analyst at FxPro. “The fundamental factor was geopolitical tension, which continues to affect gold and cryptocurrency prices.”

Bitcoin earlier this month wiped out the remaining gains it had seen since Trump won reelection in November 2024. Hopes around Trump’s more crypto-friendly second administration sent Bitcoin to a record price above $126,000 last October, just before a massive selloff that has left digital assets reeling ever since. The broader crypto market has seen over $2 trillion in value wiped out, with the market for smaller tokens hit especially hard.

“The crypto market continues to be fragile, with market participants counting on support at $60,000,” said Caroline Mauron, co-founder of Orbit Markets. “Macro uncertainty is now weighing on the market, from Iran geopolitical tensions to US tariffs whiplash, and may lead to another test of that level.”

The dozen US-listed spot Bitcoin funds recorded their fifth consecutive week of net outflows — the longest streak since February last year — with investors pulling $3.8 billion in that time.

In the last 24 hours alone, the crypto market shed another $100 billion in value, according to CoinGecko data. Data from Deribit, a crypto derivatives exchange, showed downside protection is concentrated around the $60,000 mark.

Beyond the latest tariff news, the continued bearishness highlights how much Bitcoin is “crying out for a new narrative right now,” said Robin Singh, chief executive officer of crypto tax platform Koinly. “Despite the recent optimism around the US Clarity Act, it didn’t move prices much, suggesting this catalyst isn’t the narrative that will drive Bitcoin higher.”

Rachael Lucas, an analyst at BTC Markets, said $65,000 remained a key support level for the token.