Crypto shares slid on Tuesday as Bitcoin dropped below $90,000 and Ethereum dropped below $3,000. BitMine, SharpLink Gaming, Bitfarms down over 7%; Riot Platforms, Cipher Mining down about 6%; CleanSpark, Strategy down 5%.
Bitcoin slid to its lowest level in more than a week on Tuesday, tracking a sharp selloff across global bond markets as investors continued to de-risk amid ongoing geopolitical tensions.
The largest cryptocurrency fell below $90,000 for the first time since Jan. 9, moving in tandem with declines in equities, long-dated US Treasuries and Japanese bonds as volatility rippled through debt markets.
Bitcoin fell as much as 3.4% to $89,786. Small, less liquid tokens fell more, with Ether dropping 6% and Solana slumping 4.6%.
US government debt came under pressure after President Donald Trump renewed tariff threats against Europe tied to tensions over Greenland, denting demand for US assets. Trading resumed following Monday’s US holiday with heavy selling, pushing the yield on 30-year Treasuries up seven basis points to 4.9%.
Japanese bonds also tumbled, with yields on 30- and 40-year securities jumping more than 25 basis points. The move followed comments from Prime Minister Sanae Takaichi, who pledged tax cuts on food as part of her election campaign, sparking concern over looser fiscal policy and increased government spending.
While risk assets faltered, investors sought refuge in gold, which climbed to a record high above $4,700, underscoring demand for protection amid rising geopolitical and macroeconomic uncertainty.
