Bitcoin Price Loses Support From $90,000 Despite Trump’s Softer Greenland Posture: Weekly Crypto Recap

Geopolitical tension developed rapidly over the past week and BTC, like the rest of the market, suffered.

It started last weekend. After eight EU countries sent troops to Greenland for a claimed reconnaissance mission following Trump’s continued comments that the US should annex the island, the POTUS threatened to impose a new set of 10% tariffs on those countries starting February 1 if they do not withdraw and allow a deal.

The EU scheduled an emergency meeting and some reports even claimed the bloc would use a ‘trade bazooka’ never used before. The situation continued to escalate in the following days, which only hurt the price of BTC. The asset traded above $95,000 over the weekend and initially remained quiet.

However, when the Asian and futures markets opened on Monday morning, it quickly fell to $92,000 and then below $90,000. The previous Wednesday morning, the price fell below $88,000 rising to $90,300 after Trump said he would not do so during his Davos speech use force to take over Greenland.

While that was fake, as the price quickly fell to a multi-week low of $87,200, the violent swings continued with a new challenge at $90,000. This time it came after Trump withdrew tariffs against the EU after hinting at reaching a possible deal. At the time of writing, there are no actual details about the said deal.

Bitcoin has failed to recapture the $90,000 level and is now hovering around a major decline. This represents a significant weekly drop of 6.5%, which is relatively modest compared to some alts. ETH, SOL and LINK are down 11%, SUI and HYPE are down about 15% each, while XMR is down almost 30%. CC, PAXG and RAIN, on the other hand, are well in the green.

Market data

Market cap: $3.1 trillion | 24H volume: $110 billion | BTC dominance: 57.5%

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BTC: $89,200 (-6.5%) | ETH: $2,930 (-11.3%) | XRP: $1.91 (-7.1%)

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