Bitcoin sinks below $92K as sell-offs intensify amid tariffs, pressure on risk assets, and a flight to safe havens

Cryptocurrencies fell sharply as risk assets declined and demand for safe havens increased after U.S. President Donald Trump proposed new tariffs against eight European countries.

Bitcoin dropped as much as 3.6% to below $92,000 on Monday morning, while other tokens posted even steeper losses. Ether, the second-largest digital currency, fell 4.9%, and Solana slid 8.6%.

Over the weekend, Trump said he would impose 10% tariffs on goods from eight European countries starting February 1, rising to 25% in June unless a deal is reached to “acquire Greenland.” This weighed on U.S. equity index futures on Monday morning, while safe-haven assets such as gold and silver surged to record highs.

The president’s remarks drew criticism from European leaders, who are now preparing to block approval of the trade agreement reached last year.

Digital assets started the year on a constructive note after ending 2025 in a range, having failed to sustainably recover losses from the sharp sell-off in October. Bitcoin climbed to nearly $98,000 on January 14, supported by strong inflows into a group of U.S.-listed exchange-traded funds tied to the token.

This was seen as “a rebound from oversold levels driven by tax-loss selling and broad year-end capitulation,” said Richard Galvin, co-founder of hedge fund DACM.

The latest wave of tariff-related concerns has slowed that process, while gold has surged to all-time highs, reinforcing that the sell-off is “more of a risk-off move than anything specific to cryptocurrencies,” Galvin added.

Source: Bloomberg Terminal