Crypto Stocks Take A Beating As Bitcoin Falls Under $90,000 Mark Amid Renewed Tariff Threats

• U.S. President Donald Trump on Saturday vowed to implement a slew of increasing tariffs on U.S. European allies.
• Trump said additional 10% import tariffs would take effect on February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Great Britain.

Shares of major crypto firms dived on Tuesday as Bitcoin came under pressure from renewed threats of tariffs on select European nations from the U.S. President Donald Trump. 

Bitcoin, often touted as a risky asset, saw the sell-off from traders who became increasingly worried of new tariff threats and ongoing geopolitical uncertainty. Bitcoin fell more than 3% and was trading below the $90,000 mark at the time of writing, dragging most of the crypto industry down with it. 

Major Crypto Stocks Down

Crypto-linked stocks like Coinbase (COIN), Strategy (MSTR), IREN (IREN), Bitfarms (BITF) all closed 6% to 8% lower on Tuesday. 

Shares of Robinhood (HOOD) and Hut 8 Corp (HUT) closed down more than 2%. 

Trump’s New Tariff Threats

U.S. President Donald Trump on Saturday vowed to implement a slew of increasing tariffs on its European allies until the U.S. is allowed to buy Greenland, in a major push by Trump to acquire the island. 

In a post of Truth Social, Trump said additional 10% import tariffs would take effect on February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Great Britain. These are already subject to tariffs imposed by Trump last year. 

Those tariffs would then increase to 25% on June 1 and would continue until a deal was reached for the U.S. to purchase Greenland, the post added. 

Greenland Quest

Trump has repeatedly said that he will not settle for anything less than the ownership of Greenland. However, leaders of Greenland and Denmark, a nation under which Greenland comes as an autonomous territory, have said that the island is not for sale. 

The U.S. President has on several occasions said that the U.S. needs Greenland because of its strategic location and large mineral deposits. Trump, who is due to speak in Davos on Wednesday, has said that he has agreed to speak with his European counterparts at the conference to discuss his ambitions to acquire Greenland. 

How Did Stocktwits Users React?

Retail sentiment around MSTR, Coinbase, Bitfarms, IREN trended in ‘bullish’ territory amid ‘high’message volume. 

Retail sentiment around HOOD trended in ‘extremely bullish’ territory amid ‘extremely high’ message volume.

Retail sentiment around BTC trended in ‘bearish’ territory amid ‘normal’ message volume. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.
 

Share

·

Add us on