QCP Market Colour, 23 February 2026 No Liberation from Trump’s Tariffs 1/ BTC dipped below $65,000 in early Asia, sparking roughly $230 million in long liquidations as markets priced fresh tariff risk and geopolitics. Trump’s move to lift global tariffs from 10% to 15% adds policy uncertainty just as macro risk appetite thins, and ETH followed the risk-off tape.(QCP)