"Bitcoin falls below $93,000 on U.S.-Europe tariff uncertainty…mass liquidations in derivatives market"

Bitcoin (BTC) broke below a key support level as concerns over tariff tensions between the European Union (EU) and the United States resurfaced. With global risk assets wobbling broadly, selling pressure is also building across the crypto market.

According to crypto-focused media outlet CoinDesk on the 19th, Bitcoin slid to the $93,000 level, down about 2.5% over the past 24 hours. It also fell back below $94,500—widely seen as an important near-term support—reviving talk that it could re-enter the range formed last November ($85,000–$94,500).

The drop came shortly after reports that the EU is considering retaliatory tariffs worth about €93 billion in response to U.S. pressure related to Greenland. Following the news, European equities and U.S. stock-index futures fell in tandem, while safe-haven assets such as gold and silver hit fresh record highs. Bitcoin, however, failed to track the safe-haven bid.

Altcoins were mixed. A major altcoin index fell about 4% over 24 hours, though the decline was more limited than in indices with heavier Bitcoin weightings. Still, DeFi and some Layer 1 tokens posted double-digit losses, amplifying volatility.

In the derivatives market, leveraged positions were unwound in force. Over the past 24 hours, liquidations across the broader crypto market totaled about $815 million, including $231 million in Bitcoin-related liquidations. While overall futures open interest declined, Bitcoin-only open interest edged higher, suggesting positions are being reshuffled.

Meanwhile, implied volatility in the options market did not jump sharply. Despite the short-term selloff, the read is that participants remain relatively cautious about the likelihood of further outsized swings.