Bitcoin fell on Tuesday, extending recent losses as concerns over U.S. demands for Greenland saw traders steer clear of speculative assets.
The world’s largest currency largely wiped out a mid-January recovery, moving back in sight of lows seen at the beginning of the year as traders favored physical, safe-haven assets such as gold.
Bitcoin fell 1.8% to $90,916.8 by 01:39 ET (06:39 GMT).
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A delay in a closely watched U.S. crypto regulatory bill also weighed on prices in recent sessions. Lawmakers delayed discussion of the bill-- which aims to establish a U.S. regulatory framework-- after Coinbase Global Inc (NASDAQ:COIN) objected to several proposals under the bill.
Trump says he will discuss Greenland in Davos U.S. President Donald Trump said on Monday evening he will discuss Greenland when attending the World Economic Forum in Davos, Switzerland, this week.
Trump did not specify just who he will meet, although delegates from several major European nations are also set to attend the conference.
Trump also reiterated his calls for U.S. ownership of Greenland, stating that the island was important for national security.
The U.S. president’s threats of tariffing eight European nations until they handed over Greenland battered global markets this week. Trump on Monday also did not clarify whether he will deploy the U.S. military to seize Greenland.
European leaders broadly rejected Trump’s demands, and were also seen preparing retaliatory measures if the president proceeded with his tariffs.
Heightened geopolitical tensions broadly sapped investor appetite for crypto, given that speculative assets tend to perform poorly in periods of high uncertainty.
Crypto long positions continue liquidation spree Long positions on Bitcoin and other cryptos continued to be liquidated en masse this week, with data from Coinglass showing $260.32 million positions being liquidated in the last 24 hours.
This was after crypto markets experienced nearly $900 million in liquidations earlier in the week.
Retail sentiment towards Bitcoin remained weak, especially in the United States. The Coinbase Bitcoin Premium Index showed the world’s largest crypto continuing to trade at a discount in U.S. markets in comparison to the global average, Coinglass data showed.
Crypto price today: altcoins under pressure Broader crypto prices largely retreated on Tuesday. World no.2 crypto Ether fell 2.2% to $3,126.01.
XRP and BNB fell 0.6% and 1.1%, respectively. Cardano rose 0.9%, while Solana fell 1.3%.
Among memecoins, Dogecoin rose 0.1%, while $TRUMP added 0.9% after slumping below the $5 point this week.
