Donald Trump hasn’t said his last word on Greenland, and he’s making that clear by threatening Europe with a new trade war. As a result, the week begins with a drop in Bitcoin accompanied by $875 million in liquidations in the cryptocurrency market, while gold hits a new high.
Cryptocurrencies: $875 million in liquidations over the past 24 hours
The start of the week has been turbulent in the cryptocurrency market, following Donald Trump’s announcement over the weekend of a policy to forcibly acquire Greenland, 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 settle 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 is holding up relatively well, with a 4.6% decline that keeps it above $3,000.
At the same time, liquidations have been occurring in rapid succession over the past 24 hours, reaching a total of nearly $875 million, according to data from Coinglass, of which more than $787 million involved long positions and $234 million for BTC alone ($155 million for Ethereum and $61 million for Solana’s SOL).
The crypto market has seen $875 million in liquidations over the past 24 hours
In fact, these significant liquidations involved 249,087 traders, with a single BTC-USDT position alone accounting for a record $25.8 million on the Hyperliquid platform, which also topped the crypto exchange rankings with a total of $261.76 million liquidated during this period.
Gold Hits a New All-Time High
Proponents of the theory that Bitcoin is “digital gold” are likely to be disappointed once again, especially considering that Cryptoquant analysts view its fragile rebound since the start of the year as a temporary movement rather than part of a sustainable recovery, as “demand remains too low” in the BTC market.
Meanwhile, gold (XAU) has once again hit an all-time high, now standing at $4,690 as the week begins. This reinforces its status as a global store of value amid persistent geopolitical and macroeconomic uncertainties, while silver has just made a notable entry into second place among the world’s most valuable assets.
Gold price hits a new all-time high
Notably, with this latest blow to global markets, President Donald Trump has caused Bitcoin to plummet by 15% overall since his inauguration, which took place almost exactly one year ago (January 20, 2025). At the same time, the price of gold has skyrocketed by more than 70% while setting record after record.
Can we really hope for an imminent return of BTC to this bull run?
