4 Reasons Why Crypto Markets Crashed Today, Monday February 23, 2026

Jakarta, Pintu News – Panic has gripped the cryptocurrency market after the global market capitalization slumped more than 4% to IDR 37.45 quadrillion in a short period of time. The Fear and Greed index plummeting to 14 showed extreme fear gripped investors around the world. The sharp decline was triggered by a combination of large institutional sell-offs, US political tensions, and a storm of liquidations that wiped out traders’ funds.

Bitdeer’s Massive Sell Off

The main trigger for today’s price collapse was the surprising decision by Bitcoin (BTC) mining giant Bitdeer to deplete its reserves. The company sold 943 coins along with new mining results, bringing their reserve balance to zero.

This move sent a negative signal to the market that large institutions were beginning to doubt the near-term upside potential of prices. As a result, selling sentiment soon dominated trading as investors feared a much deeper drop in prices.

Vitalik Buterin Breaks Trust

On the other hand, Ethereum (ETH) founder Vitalik Buterin has also been observed to continue to offload his personal asset holdings to the open market. He recently withdrew 3,500 units of coins worth IDR117.56 billion and sold most of the total assets.

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In the past few weeks, Vitalik’s total sales reached 7,000 units, equivalent to a fantastic value of Rp260.32 billion. This move from a central figure in the cryptocurrency ecosystem is often taken as an indication that the price of digital assets has reached saturation point.

Donald Trump’s 15% Tariff Policy Triggers Global Economic Turmoil

An external factor that made matters worse was Donald Trump’s announcement of an increase in global trade tariffs to 15% on February 21. This policy immediately triggered a sell-off in risky assets such as crypto due to fears of a drag on the world economy.

Trump took this bold step after the US Supreme Court overturned his authority over tariff rules he introduced last year. This tension between the executive and judiciary creates high uncertainty that capital market participants hate.

Trump’s harsh response to the court ruling is seen as a protectionist move that could strengthen the US dollar but weaken the crypto market. Investors tend to withdraw their capital from cryptocurrency instruments to switch to assets that are considered safer amid political uncertainty.

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IDR7.82 Trillion Liquidation Destroys Trader Positions across Exchanges

The market crash was exacerbated by the forced liquidation of more than 136,000 traders who had previously bet on the price increase. The total liquidation value reached a whopping €7.82 trillion, most of which occurred when Bitcoin (BTC) broke through a crucial price floor.

The break of the support level of IDR1.10 billion per coin triggered an automatic sell execution by the exchange system to cover margin losses. This phenomenon created a chain selling pressure that was very fast and difficult for buyers to stop. Of the total market loss, around IDR7.28 trillion came from long positions exposed to extreme volatility without adequate risk management.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinpedia. Top 4 Reasons Why Crypto Market is Crashing Today. Accessed February 23, 2026
• Featured Image: Generated by Ai