Bitcoin Tumbles Amid Trump's Tariff Threats

Bitcoin's price took a hit on Monday as investors flocked to safe-haven assets following US President Donald Trump's announcement of tariffs on eight European nations, including Denmark and Norway. The cryptocurrency fell below $93,000, with Ethereum declining 4.9% and Solana shedding 8.6%. This triggered roughly $600 million in leveraged position liquidations across derivatives markets.

The tariff threats, which also included the UK, France, Germany, Netherlands, Finland, and Sweden, sent shockwaves through global markets. European currencies like the euro and pound gained against the dollar, while the Swiss franc posted its largest daily rise in a month.

Bloomberg analyst Mike McGlone suggested that the Bitcoin-to-gold ratio could fall toward 10x rather than rebounding to 30x, reflecting gold's outperformance. This underscores the cryptocurrency's correlation with traditional risk assets rather than serving as a safe-haven investment during geopolitical shocks.