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The Bitcoin price is crashing and is already trading below $90,000 again. BTC drops to around $88,000 as political tension increases internationally. US President Donald Trump is pursuing an aggressive foreign policy. Following the kidnapping of the Venezuelan head of state, Greenland and Iran are developing into new crisis hotspots.
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Bitcoin price crashes by 6.70 percent to $88,000
The Bitcoin price is recording losses. As a result, it crashed to around $88,000. At the time of writing, BTC is trading at $88,689. In the daily trend, the largest cryptocurrency is thus down 2.50 percent. In the weekly trend, the price losses add up to 6.70 percent.
- Bitcoin
(BTC) - Price $90,050.00
- Market Cap
$1.8 T
Bitcoin’s price development reflects the average of the crypto market. Since yesterday, the entire crypto market has fallen by 2.37 percent to a market capitalization of $2.99 trillion.
In addition to Bitcoin, most coins among the 100 largest cryptocurrencies are recording losses. At the time of writing, only 16 digital assets are managing to write green numbers in the daily trend.
Thus, Ethereum falls by about 5.20 percent to $2,924 over the last 24 hours. The privacy coin Monero, which recently managed to reach a new all-time high, is also experiencing a correction. Thus, XMR has already fallen by 8.64 percent to $500 since yesterday.
- Ethereum
(ETH) - Price $3,027.96
- Market Cap
$365.4 B
This policy is causing losses in the crypto market
The falling crypto prices are due to growing political tensions, which are primarily associated with the USA. After the capture of Venezuelan President Nicolás Maduro at the beginning of the month, Trump is continuing an aggressive foreign policy.
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Thus, the US President is planning the incorporation of Greenland into the territory of the USA. He recently imposed additional import duties on countries that do not agree to this plan. Further resistance would also be met with rising tariffs, Trump threatened.
“These tariffs are due and payable until an agreement is reached on the complete and total purchase of Greenland,” the US President wrote recently after announcing that he would impose import duties of ten percent on some European countries from February 1.
Initially, he is imposing the aforementioned ten percent import duties on Denmark, Norway, Sweden, France, Germany, Great Britain, the Netherlands and Finland from February 1. All goods originating from these countries and transported to the USA are affected.
Should no agreement be reached with these countries in the future, whose representatives oppose the incorporation of Greenland by the USA, the import duties would rise to 25 percent from June 1, Trump wrote on Truth Social.
Trump explains that these European countries owe the USA reparations because the United States has done so much for their security. Denmark, to which autonomous Greenland belongs, is said to willingly cede the largest island on earth.
The 79-year-old defends his interest in Greenland with security policy reasons. Greenland plays an important role as a military base. If the USA does not gain control, it would ultimately fall to Russia or China. This endangers international peace, Trump believes.
In addition to Greenland, another important stage exists. Trump also threatened Iran with military strikes because of internal conflicts.
Because investors are unsure how far these conflicts will escalate, they are withdrawing their capital from their risky investments. Among many investors, cryptocurrencies are still considered risky investments today.
Did you know? That’s why Peter Brandt expects a Bitcoin price of $58,000!
