BTC crashes below $92,000 as liquidations soar toward $900 million as US-EU trade war escalates

Bitcoin fell to a six-day low, most altcoins fell even harder.

The expected volatility due to the latest developments in the US-EU trade war finally hit crypto when BTC, along with all altcoins, plummeted as Asian and some futures markets opened.

Somewhat expectedly, liquidations are increasing, with more than $870 million destroyed in the past 24 hours. Naturally, longs are responsible for the lion’s share (nearly $790 million). The total number of liquidated traders has skyrocketed to just under 250,000, according to CoinGlass data.

Consider the latest developments on the trade war front between the so-called allies. US President Donald Trump has insisted that his country’s national security depends on the “complete takeover” of Greenland, which is under the control of Denmark.

After weeks of mounting tension, eight EU countries sent a handful of soldiers to the island for a reconnaissance mission. Trump immediately responded with a new set of 10% tariffs on all eight, starting February 1.

The EU held an emergency meeting as French President Macron reportedly pushed for the activation of a so-called anti-coercion tool known as a “trade baooka,” which has never been used before and would limit America’s access to European markets.

The US spot markets remain closed today as it is MLK Day. However, Asian markets slid on Monday morning, and so did the dollar against the yen and Swiss franc. US futures also fell by up to 1.3% in the case of Nasdaq futures.

As mentioned above, the price of BTC headed south earlier this morning and is currently struggling to stay above $92,500. At the same time, gold exploded again to a new all-time high.

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Gold vs Bitcoin right now 😂

I love this industry pic.twitter.com/wviLVKR0uj

— Travis Connors (@TravConnors) January 18, 2026