Bitcoin and wider cryptocurrency prices moved lower on Monday following reports that the European Union was preparing €93 billion ($110 billion) in retaliatory tariffs in response to U.S. President Donald Trump’s threats over Greenland.
The tariff fears dragged European stocks and U.S. equity futures lower, while safe-haven assets such as gold and silver surged to record highs.
Bitcoin did not follow precious metals higher, instead trading below $93,000 after shedding 0.71 percent to $92,970 as of 1:34 GMT.
Rising EU-U.S. tensions drive investors towards safe-haven assets
Bitcoin prices declined as investors flocked to safe-haven assets following U.S. President Donald Trump’s threat to levy additional tariffs on European countries over the dispute surrounding Greenland.
On Saturday, Trump pledged to roll out a series of escalating tariffs on European allies until the United States is permitted to purchase Greenland, intensifying a dispute over the future of Denmark’s vast Arctic island.
“Starting on February 1st, 2026, all of the above-mentioned countries (Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland) will be charged a 10 percent tariff on any and all goods sent to the United States of America. On June 1st, 2026, the tariff will be increased to 25 percent. This tariff will be due and payable until such time as a deal is reached for the complete and total purchase of Greenland,” said Trump in a post on Truth Social.
Meanwhile, European Union ambassadors are drawing up retaliatory steps in case the levies are imposed, EU diplomats said.
Read: Bitcoin holds above $96,000 as market digests U.S. crypto bill
Institutional demand remains robust
Despite the recent pullback, institutional demand remained robust last week, with SoSoValue data showing spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $1.42 billion—the strongest weekly intake since early October, when Bitcoin hit a record high of $126,199. Should these inflows persist and accelerate, Bitcoin could mount a rally toward the key psychological $100,000 level.
As the world’s largest crypto slid, Ether fell 0.5 percent to $3,216.30, while BNB gained 0.1 percent to $928.01.
XRP slid 0.2 percent to $1.97, Solana fell 0.2 percent to $133.69 and Cardano dipped 0.4 percent to $0.366.
