Bitcoin’s price slid 3% after US President Donald Trump threatened sweeping tariffs on NATO allies over control of Greenland on Saturday, rattling global markets.
Starting February 1, the White House will impose a 10% tariff, rising to 25% by June, on goods from the UK, Denmark, Norway, Sweden, France, Germany, the Netherlands, and Finland if no deal on the world’s largest island is reached.
World leaders slammed the move, while analysts warned of retaliatory moves that could hit the US economy. Public opinion of the US is plummeting, according to a new Gallup poll.
“Tariffs would undermine transatlantic relations and risk a dangerous downward spiral,” the European Council said in a joint statement on Saturday. “Europe will remain united, coordinated, and committed to upholding its sovereignty.”
The top crypto is trading just under $93,000, wiping out much of its 2026 gains after briefly topping $97,500 last week.
The value of the US dollar also fell, according to Bloomberg data. US stock futures are also down.
$10,000 reversion
The selloff underscores Bitcoin’s high sensitivity to geopolitical shocks. As Trump’s Greenland threat jolted stocks, fiat currencies, and bonds, cryptocurrencies moved in lockstep with the broader market rather than serving as a store-of-value safe-haven investment.
Meanwhile, gold gained another 1.7% and is trading at $4,664 per ounce.
Markets are pricing in a bearish quarter for Bitcoin. Just 10% of bettors on Polymarket see a new all-time high by March.
For Bloomberg Intelligence strategist Mike McGlone, the latest selloff fits a downward pattern.
“Staying below $100,000 could signal an end-game, and normal reversion toward $10,000,” McGlone wrote in an investor note on LinkedIn.
He described Bitcoin’s failure to hold key long-term averages in 2025 as a warning sign, adding that “poor risk-adjusted performance since 2021” and “unlimited crypto supply” point to deeper downside ahead.
To be sure, there are still plenty of sanguine investors betting big on the top crypto.
Michael Saylor, the executive chairman of Strategy, hinted on Sunday that the firm continues to purchase more Bitcoin. Earlier in January, Strategy announced it purchased another $1.3 billion worth of Bitcoin in its largest haul since July.
Last week, prominent trader Arthur Hayes also predicted that Bitcoin’s price would hit $110,000 in 2026.
Crypto market movers
Bitcoin is down 2.3% over the past 24 hours, trading at $92,968.
Ethereum dropped 2.9% over the past 24 hours to $3,207.
