Financial markets were shaken on Monday after a sudden rise in trade tensions between the United States and the European Union. Bitcoin lost almost $3,500, while gold futures hit all-time highs. All this comes in a context where Europe threatens to retaliate against threats of American customs tariffs.
In brief
- Bitcoin falls when EU-US trade tensions rise a notch.
- On the other hand, gold and silver are resuming their role of refuge and attracting flows.
- The threat of a European “trade bazooka” response fuels a more nervous, more volatile market.
A difficult Monday for bitcoin
Bitcoin slipped around $90,915 this Tuesday, January 20, 2026, after hitting an intraday low near $90,642. The day's decline is around -2.4%.
In the hours that preceded, the tone hardened between Washington and several European countries. Threats of customs duties, linked to the standoff around Greenland, have put electricity back into the air. When politics comes into play like that, wallets shrink. “Risky” assets are cashing out, including crypto.
What is striking is the contrast with the shelters. Gold and silver were sought after, while European stock markets hesitated. Bitcoin has played its current role: not a universal safe haven, rather a mood barometer. When nervousness builds, he breathes hard.
This movement once again illustrates an important element for bitcoin. Indeed, despite its decentralized nature, this digital asset remains strongly correlated to macroeconomic risk dynamics. When a “risk-off” market sentiment sets in, digital assets can suffer. And this, just like stocks or other risky instruments.
Gold soars, precious metals resume their role as a safe haven
Unlike bitcoin, gold has reached historic highs. Its futures contracts reached around USD 4,667 per ounce. Silver, for its part, exceeded 93 USD for the first time in history.
This reversal is classic in times of uncertainty. Indeed, investors are abandoning risky assets like bitcoin to turn to safe havens perceived as stable. Gold often plays the role of insurance against economic and geopolitical turbulence. He reacted quickly to the prospect of a potentially long-lasting trade war.
The rise in gold and silver also comes against a backdrop of relative weakness in equity markets and index futures, which all posted negative performances at the start of the session. This configuration reinforces the idea that markets opt for safety when trust is tested.
Trade conflict between the United States and Europe
The heart of this market movement is not purely technical. It finds its source in an upsurge in political tensions. The US president announced additional tariffs of 10% on imports from several European countries starting February 1. He threatened to raise these tariffs to 25% by June if no agreement is reached on the question of the purchase of Greenland.
Among the countries targeted are Denmark, Sweden, France, Germany, the Netherlands, Finland, but also the United Kingdom and Norway. Faced with these pressures, European leaders, including French President Emmanuel Macron, have called for activating the “anti-coercion instrument”, nicknamed the trade bazookato respond economically.
This term, “trade bazooka”, refers to a set of trade defense tools that the European Union could deploy to protect its interests. This could include retaliatory tariffs or restrictive measures against U.S. exports.
This situation reminds us that the cryptocurrency and traditional asset markets do not live in isolation. They react very quickly to macroeconomic and political signals. The prospect of a lasting “trade war” weighs on confidence. It thus promotes a depreciation of risky assets and an increased valuation of safe haven values.
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