Bitcoin fell below $93,000 on Monday as President Donald Trump announced new tariff plans targeting European countries. The price drop came amid broader market concerns about an escalating trade war between the United States and the European Union.
Bitcoin prices declined 3.6% in early Monday trading, falling from $95,450 to just below $92,000 on Coinbase. The cryptocurrency had been trading near $98,000 last week before the latest downturn. At the time of reporting, Bitcoin had partially recovered to $92,580.
Trump announced plans over the weekend to impose 10% tariffs on imports from eight European countries starting Feb. 1. The targeted countries include Denmark, Sweden, France, Germany, the Netherlands, Finland, the United Kingdom and Norway. The tariff rate is set to increase to 25% by June if no agreement is reached.
The tariff announcement connects to broader tensions over Greenland. Trump has pushed for negotiations regarding the territory, which is controlled by Denmark. European leaders view the tariffs as pressure tactics related to this dispute.
Crypto markets experienced heavy liquidations following the news. Around $750 million in long positions were wiped out in four hours. Total 24-hour liquidations exceeded $860 million, according to Coinglass data.
Altcoins faced steeper losses than Bitcoin during the sell-off. Solana dropped more than 6% over 24 hours. XRP fell about 4%, while Dogecoin declined over 7%. Ethereum decreased roughly 3%, trading near the $3,200 level.
French President Emmanuel Macron called for the European Union to activate its “anti-coercion instrument.” This measure, described as a “trade bazooka,” could restrict US access to EU markets. The European Union is also considering 93 billion euros ($108 billion) in previously delayed retaliatory tariffs.
Trump Unveils Europe Tariff Plan Tied to Greenland
President Trump says the U.S. will impose 10% tariffs on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland – rising to 25% unless a deal is reached for the U.S. to acquire Greenland.
He frames the… pic.twitter.com/YN0aVvva8g
— Trader Edge (@Pro_Trader_Edge) January 18, 2026
Carsten Brzeski, global head of macro at ING, noted that European leaders appear willing to take a hard stance. The strong response from European officials raised concerns about a prolonged trade dispute.
Traditional safe-haven assets rallied while risk assets declined. Gold futures reached record highs of $4,667 per ounce. Silver futures surpassed $93 per ounce for the first time in history.
US equity-index futures fell in early trading. Nasdaq 100 contracts dropped more than 1%. European futures also declined as tariff concerns spread across markets.
Bitcoin open interest decreased as traders reduced leverage positions. The selling pattern showed traders moving away from higher-risk tokens toward more liquid assets. Analysts said attention now focuses on whether Bitcoin can maintain support near the $90,000 level.
Andri Fauzan Adziima, research lead at Bitrue, said the tariffs sparked trade war fears and created a risk-off environment. Jeff Mei, chief operations officer at BTSE exchange, noted the threats are causing market unease because Trump is targeting close US allies. Traders are considering worst-case scenarios where markets could fall to April 2025 levels.
The post Why is Crypto Down Today? Here’s What Happened appeared first on CoinCentral.
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