Bitcoin Tumbles Amid Trump's Tariff Threats Sparking Safe-Haven Rush

Bitcoin plummeted below $93,000 on Monday as investors fled risk assets following President Donald Trump's announcement of 10% tariffs on eight European nations over Greenland. The cryptocurrency dropped as much as 3.6% to $92,000.

Gold surged to record highs near $4,690 as safe-haven demand intensified. Ethereum declined 4.9% and Solana shed 8.6%, triggering roughly $600 million in leveraged position liquidations across derivatives markets.

The tariff threats marked a sharp escalation in tensions with NATO allies, with the levies set to increase to 25% by June 1 if no agreement materializes. The EU is reportedly considering up to €93 billion ($108 billion) in retaliatory tariffs on American products.