Crypto: Bitcoin Down, Gold Futures Up As Europe Threatens ‘trade Bazooka’

Bitcoin fell 3.6% as gold futures hit record highs after the EU threatened to retaliate against Trump’s tariffs on eight European countries over Greenland.

Bitcoin fell almost $3,500 on Monday as Europe hinted at retaliatory measures against US President Donald Trump, who threatened new trade tariffs unless negotiations could begin over Greenland.

Bitcoin (BTC) prices dumped 3.6% in a matter of hours, falling from $95,450 to just below $92,000 on Coinbase in early trading on Monday morning, according to TradingView.

Around $750 million in long positions were liquidated in four hours, bringing total 24-hour liquidations to over $860 million, according to Coinglass. The asset had marginally recovered from its weekly low, trading at $92,580 at the time of writing.

Meanwhile, precious metals have surged as they continue to decouple from digital assets, while stock futures were also down.

Gold futures soared to record highs of $4,667 per ounce as markets reacted to the resumption of the US-EU trade war, according to Google Finance. Silver futures also skyrocketed above $93 per ounce for the first time in history.

Over the weekend, Trump announced 10% trade tariffs on eight European countries  — Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the UK — starting Feb. 1.

These would rise to 25% by June if no agreement on his push to control Greenland is reached.

Related: Trump escalates criticism of Fed chair, Italy warns ‘fin-fluencers’: Global Express

European leaders responded forcefully, with French President Emmanuel Macron urging the EU to activate its “anti-coercion instrument,” also known as a “trade bazooka,” which could restrict US access to EU markets.

Source: CoinTelegraph