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Bitcoin sank alongside equities after new U.S. tariff threats triggered a global risk-off move, reviving doubts about its role as a hedge during macro stress.
Posted January 19, 2026 at 6:57 am EST.
Bitcoin dropped sharply Monday morning, falling as much as 3.6% to below $92,000, after U.S. President Donald Trump announced plans to impose new tariffs on eight European countries.
The move triggered a broad pullback in risk assets, while safe havens like gold and silver surged to record highs.
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The crypto market lost around $100 billion in value during the selloff, with ETH falling 4.9% and SOL tumbling over 8.5%.
Roughly $874 million in leveraged long positions were wiped out in 24 hours, per CoinGlass, as markets braced for rising geopolitical and economic tensions.
The tariffs, starting at 10% on February 1 and potentially rising to 25% in June, were tied to a bizarre demand from Trump for a Greenland purchase deal, sparking immediate backlash from European leaders and threatening a trade pact negotiated last year.
What stood out in the chaos was bitcoin’s failure to behave like “digital gold.” While precious metals soared, BTC sank alongside equities, undermining one of the asset’s core bullish narratives.
Despite hopes that institutional interest might provide a floor, the drop reignited questions about bitcoin’s true role in turbulent macro environments.