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Bitcoin extended its recent decline on Tuesday, as mounting geopolitical uncertainty linked to U.S. demands over Greenland pushed investors away from speculative assets and back toward traditional safe havens such as gold.
The world’s largest cryptocurrency fell 1.8% to $90,916.8 by 01:39 ET (06:39 GMT), erasing most of the modest rebound seen in mid-January and drifting back toward levels last recorded at the start of the year.
Sentiment has also been pressured by a delay in a closely watched U.S. crypto regulation bill. Lawmakers postponed discussion of the legislation, which aims to establish a comprehensive regulatory framework for digital assets, after Coinbase Global objected to several of its provisions.
Trump to Raise Greenland at Davos
U.S. President Donald Trump said late Monday that he plans to discuss Greenland during this week’s World Economic Forum in Davos, Switzerland. While he did not specify who he would meet, representatives from several major European countries are expected to attend.
Trump reiterated his stance that the United States should acquire Greenland for national security reasons. His recent threat to impose tariffs on eight European nations unless they agree to hand over the island has rattled global markets. On Monday, Trump again declined to clarify whether he would consider military action to seize the territory.
European leaders have broadly rejected Washington’s demands and are reportedly preparing retaliatory measures should the tariffs proceed.
The rising geopolitical tension has dampened appetite for high-risk assets, with cryptocurrencies typically underperforming during periods of heightened uncertainty.
Liquidations Accelerate as Retail Demand Stays Weak
Long positions in Bitcoin and other cryptocurrencies continued to unwind. Data from Coinglass showed $260.3 million worth of positions were liquidated over the past 24 hours, following nearly $900 million in liquidations earlier in the week.
Retail sentiment in the United States remains subdued. The Coinbase Bitcoin Premium Index indicates that Bitcoin continues to trade at a discount in U.S. markets compared with global averages, underscoring weak domestic demand.
Altcoins Also Under Pressure
Broader crypto markets largely tracked Bitcoin lower. Ether slipped 2.2% to $3,126.01, while XRP and BNB fell 0.6% and 1.1%, respectively. Solana declined 1.3%, though Cardano edged up 0.9%.
Among memecoins, Dogecoin gained 0.1%, while $TRUMP rose 0.9% after dropping below the $5 level earlier in the week.
