Bitcoin fell below $65,000 on July 23 after the Trump administration announced tariffs ranging from 10% to 12.5% on imports from 60 trading partners, covering more than 99% of U.S. trade, while strong U.S. jobs data and rising Treasury yields added pressure on risk assets. The tariffs were enacted under Section 301 of the Trade Act of 1974 and replace a temporary 10% global tariff that expires on Friday, July 23, at 12:01 a.m. ET. The administration said the rates depend on each partner’s progress in restricting imports made with forced labor; countries with partial measures face a 10% rate, while those with less progress face 12.5%. Exemptions include crude oil, petroleum products, pharmaceuticals, rare‑earth materials, aircraft parts and certain foods, and goods already subject to Section 232 tariffs. The S&P 500 declined about 1.2% and the Nasdaq Composite fell roughly 2.2%, reflecting broader risk‑off sentiment in equity markets. Bitcoin traded as low as $64,985 before briefly recovering above $65,000, ending the 24‑hour period about 1.5% lower with a market capitalization near $1.3 trillion. CoinGlass recorded about $162 million in total liquidations of leveraged crypto positions, including roughly $28.7 million in Bitcoin liquidations, of which $26.2 million were long positions. The U.S. initial jobless claims dropped to 187,000 in the week ending July 18, the lowest level since September 1969, prompting traders to reassess expectations for Federal Reserve policy. Traders said the stronger labor data increased the likelihood of a rate increase by September. The 10‑year Treasury yield rose to approximately 4.70%, according to Investors Business Daily, as higher oil prices added to inflation concerns, which traders said increased the attractiveness of traditional assets relative to cryptocurrencies. The tariff announcement has added trade uncertainty to a crypto market already shaped by geopolitical tension, higher oil prices and tighter monetary conditions, leaving the $65,000 level as the immediate test for buyers.