Bitcoin stumbles, gold shines as Trump agrees to Davos meeting

BTC fell to a weekly low, gold is on a roll again.

The geopolitical tension regarding Greenland continues to unfold on a daily basis, with the latest development shaping a high-level meeting between several leaders in Davos, Switzerland.

Just like Monday morning, BTC has headed south and dropped to a new weekly low. At the same time, gold has reached a new all-time high above $4,700/oz.

Following developments over the weekend, in which Trump announced a new set of 10% tariffs on eight EU countries that sent troops to Greenland to convince them to sell the island to the US, tensions between the two sides have skyrocketed.

Older media reported that France wants the EU to use its “trade bazooka,” which would severely limit US access to European markets – a weapon never used before.

In the past twelve hours alone, Trump said he received a text message from French President Macron, inviting him to a meeting in Paris on Thursday after the World Economic Forum in Davos with representatives of Ukraine, Denmark, Russia and Syria.

Furthermore, the POTUS posted on his social media platform TruthSocial that he had a “very good phone conversation” with NATO Secretary General Mark Rutte about Greenland. He said he agreed to meet “various parties” in Davos but reaffirmed his belief that acquiring the island is “necessary for national and global security.”

In response to the latest developments, the BTC price fell again. This time, the asset fell from nearly $93,500 to less than $91,000, marking a weekly low. Previously, the cryptocurrency was rejected at $95,500 on Monday morning after the Asian and some futures markets opened following a quiet weekend.

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In contrast, gold has skyrocketed to a new all-time high of nearly $4,730/oz. The precious metal is up more than $120 since Monday morning, when markets opened after the weekend’s escalation.