Bitcoin fell in Asian trading on Monday, paring last week's recovery after US President Donald Trump's tariffs on major European countries over Greenland sapped risk appetite.
Broader cryptocurrency prices also fell along with Bitcoin, with several coins experiencing profit-taking after last week's gains.
Bitcoin fell 2.8% to $92,519.6 by 8:56 AM Moscow time. The world's largest cryptocurrency gained about 5% last week but is now trading below last week's highs.
A delay in a long-awaited bill aimed at creating a regulatory framework for the crypto industry in the US also negatively impacted sentiment after lawmakers postponed debate on the bill due to objections from several industry players, most notably Coinbase. Trump's Greenland Tariffs Damage Market Sentiment, Bitcoin Falls
Trump said he would impose import tariffs of up to 25% on several major European countries, including Denmark, France, and the United Kingdom, until an agreement is reached to cede Greenland to Washington.
His demands were widely rejected by European leaders, with France reportedly preparing retaliatory economic measures against the United States.
This exchange has caused deep losses in global risk-on markets due to concerns about the potential collapse of NATO and more direct US moves to obtain Greenland.
Trump, who has consistently demanded Greenland for national security reasons, also raised the possibility of military action on Danish territory. This threat is now considered to carry greater weight, especially following the US invasion of Venezuela in early 2026.
While trade tariffs and geopolitical tensions do not directly impact cryptocurrencies, they reduce the risk appetite necessary for investing in speculative assets. Trump's tariff threats through 2025 have triggered several risk-off moves in cryptocurrencies.
Heightened risk aversion has also led traders to favor safe-haven physical assets like gold over cryptocurrencies.
Cryptocurrency markets see nearly $900 million in liquidations, with Bitcoin leading the way.
Cryptocurrency markets saw $869.5 million in liquidations over the past 24 hours as Trump's tariffs fueled risk-off sentiment.
Most of the liquidations were long positions, with approximately $229.5 million in Bitcoin bets liquidated, according to Coinglass data. Ether and Solana saw $154.6 million and $60.5 million in liquidations, respectively.
The weekend losses largely erased the modest recovery in cryptocurrencies over the past week, though sentiment toward the industry remained fragile. Cryptocurrency Prices Today: Altcoins Track Bitcoin's Downward Slide
Broader cryptocurrency prices were mostly lower on Monday, following Bitcoin's decline.
The world's second-largest cryptocurrency, Ether, fell 3.5% to $3,199.06, while XRP lost 4.7% and fell below $2.
Solana fell 6.6%, while Cardano and BNB lost 7.8% and 2.3%, respectively.
Among memecoins, Dogecoin fell 7.4%, and $TRUMP lost 6.4%.