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Bitcoin briefly breaks below $88,000… Greenland-driven trade war fears deepen
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Summary
- Bitcoin briefly fell below the $88,000 level, putting the broader digital-asset market under downside pressure.
- The market sees the possibility of a trade war tied to Greenland as a headwind for risk assets broadly.
- President Trump’s tariff hike announcement has brought renewed focus to tensions over rare earths and strategic resource supply chains, reinforcing safe-haven demand.
Bitcoin briefly fell below the $88,000 level, putting renewed downside pressure across the broader digital-asset market. With risk aversion intensifying mainly across the U.S. and Europe, concerns over geopolitical and trade tensions surrounding Greenland appear to have dampened investor sentiment.
As of the 21st, Bitcoin slid to as low as $87,900 on Binance’s Tether (USDT) market, breaking below a key short-term support level. While some bargain buying later emerged and the coin is now trading around $88,500, volatility remains elevated.
Market participants say the recently resurfaced possibility of a trade war tied to Greenland is weighing on risk assets broadly.
After President Trump said he would raise tariffs to as much as 25% on eight NATO member states opposing the purchase of Greenland until a deal is reached, tensions over rare earths and strategic resource supply chains between the U.S. and Europe have re-emerged, reinforcing a preference for safe-haven assets in global financial markets.
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