Bitcoin, the world's largest cryptocurrency token, tanked 3.6% in the aftermath of United States President Donald Trump's new Greenland-related tariffs on eight European allies over the past weekend.
Bloomberg cited data from CoinGlass showing that around $600 million of bullish bets on cryptocurrencies were liquidated in the past 24 hours, largely driven by uncertainty as investors sought safer havens.
Early on 19 January, Bitcoin slipped by 3.6% to below $92,000, while the second largest token, Ethereum, fell 4.9% and Solana shed 8.6%, it added.
Rachael Lucas, an analyst at BTC Markets, told Bloomberg that the $90,000 level is seen as the next stop if the current support level fails.
According to data on CoinMarketCap, the crypto market capitalisation at the time of writing was $3.12 trillion (down 2.65%), with a 24-hour trading volume of $93.88 billion. A total of $85 billion was erased, with as much as $514 million in long liquidations reported in only one hour, it added.
Bitcoin dominance was at 59.1% (up 0.06%), while Ethereum held 12.4% (up 0.32%) of the pie, and the other tokens comprised 28.5% (down 0.38%) of the total cryptocurrency market share.
Donald Trump's Greenland tariffs cause uncertainty
Donald Trump, on 17 January, announced a 10% tariff on eight European countries supporting Denmark against his bid for Greenland, with effect on 1 February. He warned that this could rise to 25% in June, unless “a deal is reached for the complete and total purchase of Greenland”.
The eight European countries hit are Denmark, Finland, France, Germany, Norway, Sweden, the Netherlands and the UK, he wrote on Truth Social.
Bloomberg reported that the US equity-index futures fell in early trade today, while safe havens such as gold and silver surged to record highs.
Notably, the fall comes just as cryptocurrencies saw some pickup in the new year, rising near $98,000 levels on 14 January after ending 2025 in doldrums.
(With inputs from Bloomberg)
