Tariff threats related to Greenland are crashing global markets; bitcoin falls 2.5% and returns to US$ 93 thousand
Bitcoin (BTC) and the cryptocurrency market as a whole are operating in decline this Monday (19), amid escalating trade tensions between the United States and the European Union following new tariff threats from President Donald Trump related to Greenland. The leading cryptocurrency was trading near US$ 93 thousand, down 2.5% in 24 hours.
The movement came after reports that the European Union is preparing tariffs of € 93 billion (US$ 108 billion) in retaliation for the measures announced by Washington. Risk aversion pressured stocks in Europe and futures in the US, while protective assets like gold and silver advanced to historic highs. Bitcoin, however, did not follow the rally of precious metals.
Among altcoins, the performance was mixed. Ethereum (ETH) was trading down 3% in 24 hours, while Solana (SOL) fell 5.8%, XRP dropped 4%, and Dogecoin (DOGE) had a loss of 6.8%.
One of the few exceptions was Monero (XMR), which rose 7.9% on the day after the anonymous analyst known as ZachXBT signaled large amounts of stolen Bitcoin and Litecoin (LTC) being converted into Monero, reviving the narrative around privacy coins.
Bitcoin had been recovering in recent days and even surpassed US$ 95 thousand, after the best week of Bitcoin ETF fundraising in the US since October.
The origin of the new turbulence lies in the statements made over the weekend by Trump, who announced the imposition of tariffs of 10% on products from eight European countries starting February 1, with an increase to 25% in June if there is no agreement involving the 'purchase of Greenland.' The threat was directed at countries that supported limited NATO military exercises in the semi-autonomous Danish territory.
On this Monday, Germany's Finance Minister Lars Klingbeil stated that Trump crossed a 'red line' by threatening NATO allies. According to him, Europe must be ready to use 'sensitive trade measures' in response to what he classified as economic blackmail.
The European reaction included the calling of an emergency meeting in Brussels and the discussion of tariffs on American industrial products, such as Boeing aircraft, automobiles, and bourbon. The measures had reportedly already been approved and could be implemented quickly.
European markets reacted negatively. The Stoxx Europe 600 index fell 0.8% on Monday morning, with automakers and luxury companies among the biggest declines.
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