Cryptocurrencies fell sharply as risk assets slipped following US President Donald Trump’s new Greenland-related tariffs on eight European allies. Bitcoin tanked 3.6% in the aftermath.
Bitcoin, the world’s largest cryptocurrency token, tanked 3.6% in the aftermath caused by United States President Donald Trump’s new Greenland-related tariffs on eight European allies the past weekend.
Bloomberg cited data from CoinGlass, which showed that around $600 million of bullish bets on cryptocurrencies were liquidated in the past 24 hours, largely driven by uncertainty as investors looked to more safe haven options.
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.
According to data on CoinMarketCap, the crypto market capitalisation, at time of writing, was at $3.12 trillion (down 2.65%), with 24 hour trading volume at $93.88 billion. A total of $85 billion was erased, with as much as $514 million in long liquidations were 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.
Ether was trading at $3,195.84 (down 3.13%), with market cap of $385.72 billion (down 3.15%) and 24-hour trading volume at $20.41 billion (up 88.11%).
Dollar-linked altcoin Tether saw the least swing, trading at $0.9996, with market cap at $186.92 billion (down 0.07%), and volume at $75.67 billion (up 58.97%).
Binance was trading at $917.34 (down 2.97%), with market cap of $125.09 billion (down 2.96%) and 24-hour trading volume at $2.45 billion (up 32.78%).
And XRP was trading at $1.94 (down 5.14%), with market cap of $118.4 billion (down 5.17%) and 24-hour trading volume at $2.83 billion (up 112.1%).
The President’s comments drew rebuke from European leaders, who are now poised to halt the approval of the trade agreement struck last year.
Digital assets had been enjoying a promising start to the year, after ending 2025 in a malaise, unable to mount a sustained recovery from a brutal October selloff. Bitcoin rose to just shy of $98,000 on Jan. 14, with strong inflows into a group of US-listed exchange-traded funds for the token.
That was seen as “a rebound from the oversold levels driven by tax-loss selling and general capitulation coming into year-end,” said Richard Galvin, co-founder of hedge fund DACM. The latest bout of tariff concerns has pumped the brakes on that, while gold hitting all-time highs confirms the selling is “more a risk-off move than anything crypto-specific,” Galvin added.
About $600 million of bullish bets on cryptocurrencies were liquidated in the past 24 hours, CoinGlass data show.
Traders see $90,000 as the next stop if current support fails, “while bulls point to institutional demand as a potential floor,” said Rachael Lucas, an analyst at BTC Markets.
