Hassan Maishera
TL;DR
-
BTC is down 2.6% in the last 24 hours and has dropped below $92,600.
-
The bearish performance comes amid renewed trade war between the United States and Europe.
U.S.-EU Tariff Threats Send Bitcoin Below $93k
The cryptocurrency market started the new week bearish, with Bitcoin and other major coins currently in the red.
Bitcoin, the leading cryptocurrency by market cap, has lost 2.6% of its value over the last few hours and is now trading below $92,600. The bearish performance comes amid renewed tariff threats between the United States and the EU.
President Trump stated over the weekend that the U.S. would impose a 10% tariff on goods from eight European countries starting Feb. 1, rising to 25% in June unless a broader agreement is reached.
These remarks affected Bitcoin and the broader crypto market. However, haven assets rallied in response. Gold and silver both hit record highs, while government bond futures in Europe rose.
The dollar weakened against several major currencies, reflecting defensive positioning ahead of the U.S. trading session.
Altcoins Suffer Huge Losses
While Bitcoin is only down 2%, most altcoins are down 4% or more in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, has dipped below $3,200 after losing 3.4% of its value.
XRP is trading below $2.0, while Binance’s BNB maintains its value above $900. The bearish performance resulted in roughly $600 million worth of long liquidations in the market and hit major altcoins hard.
