By Alex Kozul-Wright
Bitcoin is falling for the seventh consecutive session, dropping to $89,206 Wednesday, its longest losing streak since November 2024, as U.S.-EU tensions over trade has triggered a crypto market tailspin.
The flagship cryptocurrency has lost over 2% intraday, testing lows of $87,880 before recovering slightly. It remains down nearly 9.6% from its recent $98,000 peak.
Ethereum, the second largest crypto, was also down 4.4% to $2,968.8, while the altcoin XRP dropped 1.2% to $1.91. On the flip side, investors have been seeking refuge in more traditional safe havens, like gold.
Trump said the U.S. will introduce tariffs on eight European nations -- including France, Germany, and the U.K. -- that oppose his plan to acquire Greenland from Denmark. European leaders have threatened respond in kind.
"The tariff baton has been swung once again overnight and pulled all risk assets lower with European equities trading almost 2% down," explains Paul Howard, Director at Wincent.
"We have seen cryptocurrencies largely follow this trend and can expect that to continue once the U.S. opens for business today. Volatility is back," Howard added.
Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 21, 2026 03:58 ET (08:58 GMT)
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