Cryptocurrencies came under renewed pressure as broader risk assets slipped and haven demand strengthened, following fresh tariff proposals from US President Donald Trump targeting eight European countries. Bitcoin (BTC-USD) fell as much as 3.6% to below $92,000 during Asian trading on Monday, before trimming losses to trade around 2.5% lower by 6 a.m. in New York. Selling pressure was heavier across other major tokens, with Ether down 4.9% and Solana sliding 8.6%. The move erased roughly $100 billion from the total cryptocurrency market value, according to CoinGecko, mirroring a drop in US equity-index futures as gold and silver climbed to record highs.
The market reaction followed Trump’s weekend comments that the US would impose a 10% tariff on goods from eight European countries starting Feb. 1, rising to 25% in June unless a deal is reached involving a purchase of Greenland. The remarks drew criticism from European leaders, who are now positioned to halt approval of a trade agreement reached last year. The episode has contributed to a broader risk-off tone across markets, with cryptocurrencies trading more as part of the global macro response rather than on any crypto-specific developments.
The pullback interrupts what had been a more constructive start to the year for digital assets after a difficult end to 2025. Bitcoin climbed to just below $98,000 on Jan. 14, supported by strong inflows into US-listed exchange-traded funds. Richard Galvin of hedge fund DACM described the earlier rally as a rebound from oversold conditions driven by tax-loss selling and year-end capitulation, while noting that renewed tariff concerns have possibly slowed that momentum. Around $790 million of bullish cryptocurrency positions were liquidated over the past 24 hours, according to CoinGlass, with traders watching $90,000 as a potential next level if support gives way, even as some bulls continue to point to institutional demand as a possible floor.
