Donald Trump has not had his final say on Greenland, and he is making this clear by threatening Europe with a new trade war. As a result, the week begins with a decline in Bitcoin accompanied by $875 million in liquidations on the cryptocurrency market, while gold reaches a new high.
Cryptocurrencies: $875 million in liquidations over the last 24 hours
The start of the week appears to be turbulent on the cryptocurrency market, following Donald Trump’s announcement over the weekend of a policy to force Greenland to sell itself, using 10% tariffs imposed on eight European countries—including France—which could rise to 25% in June if he does not get his way.
As a result, Bitcoin plunged more than 3% to below $93,000, while the top 10 cryptocurrencies saw declines of around 6% for Ripple’s XRP and more than 8% for Dogecoin (DOGE). Ethereum held up relatively well, falling 4.6% to remain above $3,000.
At the same time, liquidations have continued over the last 24 hours, reaching a total of almost $875 million, according to data from the Coinglass website, with more than $787 million involving long positions registered on the upside and $234 million for BTC alone ($155 million for Ethereum and $61 million for Solana’s SOL).
In fact, these significant liquidations involve 249,087 traders, with a single BTC-USDT position alone holding a record $25.8 million on the Hyperliquid platform, which also tops the crypto exchange rankings with a total of $261.76 million liquidated over this period.
Gold reaches a new all-time high
Fans of the theory of Bitcoin as digital gold will once again be disappointed, especially considering that Cryptoquant analysts view its fragile rebound since the beginning of the year as more of a temporary movement than a truly sustainable recovery, with “demand remaining too weak” in the BTC market.
Meanwhile, gold (XAU) has once again reached an all-time high, now standing at $4,690 at the start of this week. This reinforces its status as a global store of value in a context of persistent geopolitical and macroeconomic uncertainty, while silver has just made a remarkable entry into second place among the world’s most valuable assets.
Notably, with this latest blow to global markets, President Donald Trump has caused Bitcoin to fall by 15% overall since his inauguration almost exactly one year ago (January 20, 2025). At the same time, the price of gold has skyrocketed by more than 70%, setting new records along the way.
Can we really hope for an imminent return of BTC in this bull market?
