Bitcoin plunges on fears of renewed U.S.-EU trade war…gold and silver hit record highs
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Summary
- It reported that Bitcoin plunged about 3.6% in a short period as renewed U.S.-EU trade frictions resurfaced, triggering a sharp correction in the crypto market.
- It said that at the same time gold futures rose to $4,667 per ounce and silver futures broke above $93 per ounce, underscoring strength in traditional safe havens.
- It reported that experts said trade-war concerns have stirred crypto’s fragile supply-demand dynamics, with Bitcoin reacting sensitively to macro shocks amid a risk-off mood.
As trade tensions between the United States and the European Union (EU) flared up again, the crypto market underwent a sharp correction. With risk-off sentiment intensifying, Bitcoin fell steeply in a short period, while traditional safe havens such as gold and silver strengthened.
According to Cointelegraph on the 19th (local time), Bitcoin (BTC) slid from $95,450 early Monday ET to below $92,000, falling about 3.6% within hours. It later pared some losses and was trading around $92,580 at the time of writing.
During the selloff, volatility in the derivatives market also surged. CoinGlass data showed that roughly $750 million in long positions were liquidated over the past four hours, while total liquidations over the past 24 hours topped $860 million.
Over the same period in traditional financial markets, capital flows diverged sharply. As concerns grew over a renewed U.S.-EU trade war, gold futures hit a record high of $4,667 per ounce, and silver futures topped $93 per ounce for the first time. Equity index futures fell in tandem, reflecting a broader risk-off mood.
The catalyst for the latest jitters was U.S. President Donald Trump’s tariff warning. Trump said that if Denmark does not engage in negotiations related to the Greenland issue, he will impose a 10% tariff from February 1 on eight European countries—Denmark as well as Finland, France, Germany, the Netherlands, Norway, Sweden and the United Kingdom—and raise it to 25% in June. In response, French President Emmanuel Macron signaled a hardline stance, urging the EU to activate its ‘anti-coercion instrument,’ and the EU is reportedly also considering retaliatory tariffs worth up to €93 billion.
Market watchers say trade-war fears have hit the crypto market’s fragile supply-and-demand structure. Andrii Pauzan Azhyma, head of research at Bitrue, said “tariff pressure over Greenland has amplified trade-war fears and created a risk-off backdrop,” adding that “Bitcoin, like tech stocks, is sensitive to macro shocks, and the near-term pain is continuing.”
Jeff Mei, chief operating officer at BTSE, also noted that “this time, the targets include key U.S. allies, which is adding to market anxiety,” adding that “institutional investors may reduce risk exposure after the U.S. market opens.”
