Tensions escalated between the United States and the European Union after several European countries sent troops to a new hot zone in Greenland.
In response, U.S. President Donald Trump announced tariffs on multiple European countries, starting from February 1 and continuing until a full acquisition agreement for the island is reached, according to statements.
Despite these developments, the price of Bitcoin has remained relatively stable near $95,000 during a weekend filled with events, at a time when the crypto market is one of the few open around the clock.
According to reports, the tariffs include countries such as Denmark, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland, at a rate of 10% on goods exported to the United States.
Trump added that the rate could rise to 25% if an agreement is not reached by June 1.
The European Union's response was swift, as reports emerged about a trend to suspend approval of a trade agreement with Washington following recent threats, with a call for an emergency meeting today to discuss the situation.
Within the United States, Democrats have moved towards proposing legislation aimed at obstructing the proposed tariffs on EU countries.
Although trade wars have previously pressured the price of Bitcoin in earlier instances, the currency appears to be more resilient this time so far, as the price has remained stable around $95,000.
However, forecasts indicate that volatility may increase later with the release of new developments, the convening of the European meeting, and the resumption of futures trading.
