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Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.
Markets breathe again after a Greenland-driven macro scare appears to be over.
📌 What Happened
Crypto markets rebounded sharply after President Trump reversed course on proposed tariffs tied to negotiations over Greenland, easing fears of a renewed global trade shock.
Bitcoin climbed back to $90,000, recovering from a sharp selloff earlier in the day that drove it below $88,000.
Ethereum and Solana followed, with majors bouncing alongside broader risk assets.
The reversal triggered violent liquidations both ways, topping $1B in a 24-hour window, with the bulk coming from short positions caught offside by the rebound.
As crypto ripped higher, traditional safe havens moved the other way.
Gold and silver fell from new ATHs, reversing gains that had built up during the tariff-driven “sell America” trade earlier in the week.
🧠 Why It Matters
This episode reinforced how crypto is still trading as a risk-on asset class as opposed to a safe haven store of value.
The good news is that the macro picture for 2026 is still largely positive, and another self-inflicted tariff scare selloff is now largely behind us.
The bad news is, eventually the macro risk picture will turn south and Bitcoin has failed to materialize or match gold in any way as a flight to safety asset.
We love the pitch of Bitcoin as digital gold, but that narrative is still far from reality.
Perhaps it’s because of the looming quantum risk (a longer story for another time).
Perhaps it’s because of the US government’s effective adoption of crypto and it now being lumped in with the America trade.
Or perhaps Bitcoin continues to underperform simply because there are more sellers than buyers.
Only time will tell.
But at least our near-term outlook just got brighter…
