The price of bitcoin experienced a significant decline of nearly $4,000 during a sharp sell-off in the evening, following President Donald Trump’s announcement of plans to implement extensive new tariffs on Europe on Saturday. At approximately 6 p.m., a significant surge in selling pressure impacted the cryptocurrency market, resulting in a cascade of forced liquidations affecting both bitcoin and altcoins. The world’s largest cryptocurrency experienced a decline from approximately $95,500 to an intraday low of $91,935 within a two-hour timeframe, as reported by Bitcoin Magazine Pro data. The abrupt decline eliminated over $500 million in leveraged long positions within a mere 60 minutes, with overall crypto long liquidations exceeding $525 million during that timeframe, as indicated by market data.
The price of bitcoin has stabilized around $92,600, although it has experienced a decline of approximately 2.5% in the last 24 hours. The sell-off occurred amid increased macroeconomic uncertainty following Trump’s announcement that the U.S. would implement new tariffs on European nations starting February 1. According to the proposal, a 10% tariff is set to be imposed on goods imported from eight nations: Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland. This tariff is scheduled to escalate to 25% by June 1 in the absence of a negotiated agreement. Trump associated the initiatives with U.S. endeavors to secure Greenland, intensifying the already strained transatlantic relations. European leaders responded with considerable force. In a joint statement, the affected countries cautioned that the tariff threats pose a “dangerous downward spiral,” while Danish Prime Minister Mette Frederiksen asserted that Europe “will not be blackmailed.” Protests were observed in Denmark and Greenland over the weekend, contributing to the ongoing political repercussions.
Gold prices have ascended to a new all-time high of approximately $4,670 at the time of writing. Additionally, the U.S. Supreme Court is poised to deliver a ruling on a highly scrutinized case that may clarify whether President Donald Trump possessed the authority to implement extensive tariffs utilizing emergency powers, a verdict that carries significant consequences for trade policy and federal revenues. The matter at hand involves Trump’s invocation of the International Emergency Economic Powers Act to classify trade deficits as a national emergency, thereby imposing extensive tariffs, which include a standard 10% duty on the majority of imports. A ruling against Trump may compel the government to reimburse over $100 billion in tariffs that have already been collected, potentially jeopardizing funding projections associated with defense and budgetary strategies, as indicated by reports. Should the court affirm Trump’s authority, current tariffs will persist, and prospective actions — including duties on European products associated with Greenland — may advance. Importers are currently strategizing for both scenarios, with numerous entities maintaining shipments in a “unliquidated” state to safeguard potential refund claims.
The price of bitcoin has decreased by approximately 3% from its peak of $95,468 over the past week, currently fluctuating within a narrow band above its low of $92,284 during the same period. The asset exhibits a circulating supply of 19.98 million BTC, while its maximum supply is constrained to 21 million. The global Bitcoin market capitalization is approximately $1.85 trillion, reflecting a decline of about 2% for the day, with a 24-hour trading volume of $32 billion.