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Bitcoin fell sharply in Asian trading on Monday, giving back a portion of last week’s gains after U.S. President Donald Trump’s tariff threats against major European nations over Greenland rattled global risk sentiment.
The world’s largest cryptocurrency dropped 2.8% to $92,519 by 00:56 ET (05:56 GMT). While Bitcoin gained roughly 5% last week, it has now retreated well below those recent highs as investors moved away from speculative assets.
The pullback came alongside broader weakness across the digital asset space, with several tokens seeing profit-taking after modest recoveries last week. Sentiment was further dampened by a delay in a long-awaited U.S. bill aimed at creating a regulatory framework for crypto. Lawmakers postponed discussions on the proposal following objections from industry figures, most notably Coinbase.
Greenland Tariffs Shake Markets and Weigh on Crypto
Trump said the United States will impose import tariffs of up to 25% on several European countries, including Denmark, France and the United Kingdom, until a deal is reached over Greenland. European leaders rejected the demands, with France reportedly preparing retaliatory measures.
The standoff sparked losses across global risk-driven markets, with investors increasingly worried about a deeper transatlantic rift and even the stability of NATO. Trump has repeatedly argued that Greenland is vital for U.S. national security and has not ruled out military action, a threat that carries added weight after the U.S. incursion in Venezuela earlier this year.
While tariffs and geopolitics do not directly affect crypto fundamentals, they erode the risk appetite that speculative assets depend on. Trump’s trade threats throughout 2025 repeatedly triggered risk-off moves in digital markets. This time, investors again favored traditional safe havens such as gold over cryptocurrencies.
Liquidations Surge as Long Positions Unwind
The sharp shift in sentiment sparked heavy liquidations across crypto markets. About $869.5 million in positions were wiped out over the past 24 hours, according to Coinglass data. Most of the losses came from long positions, with Bitcoin alone accounting for roughly $229.5 million. Ether and Solana saw liquidations of about $154.6 million and $60.5 million, respectively.
The wave of selling erased much of last week’s modest recovery and underscored how fragile sentiment remains across the sector.
Altcoins Follow Bitcoin Lower
Major altcoins moved broadly in line with Bitcoin’s decline. Ether fell 3.5% to $3,199, while XRP dropped 4.7% and slipped below $2. Solana sank 6.6%, with Cardano and BNB losing 7.8% and 2.3%, respectively.
Memecoins were also hit hard. Dogecoin slid 7.4%, while the $TRUMP token fell 6.4%.
The moves highlight how quickly geopolitical shocks can ripple through crypto markets, especially at a time when investor confidence remains fragile and regulatory uncertainty persists.
