Global financial markets opened the week on a negative footing, against the backdrop of growing concerns over a potential escalation in a trade war between the United States and Europe. Recent statements by US President Donald Trump regarding the imposition of new tariffs on goods from eight European countries triggered a wave of risk aversion, weighing heavily on volatile assets such as cryptocurrencies, while simultaneously boosting demand for traditional safe havens, led by gold and silver.

Bitcoin fell below the $92,000 level during Asian trading, marking a sharp pullback from the local high reached just days earlier. Other digital assets posted even steeper losses, with Ether and Solana standing out for double-digit declines at the intraday lows. According to CoinGecko data, the latest sell-off erased roughly $100 billion from the total cryptocurrency market capitalization within a short period, although some stabilization was observed later in the day.

Macro Pressure Rather Than a Crypto-Specific Event

Analysts emphasize that the pressure on digital assets is primarily driven by macroeconomic factors rather than by developments specific to the crypto sector. After a relatively strong start to the year, supported in part by robust inflows into US-listed Bitcoin exchange-traded funds, the market is now confronting a reality of heightened geopolitical tension and rising uncertainty. In their view, this represents a continuation of a familiar pattern in which risk assets react sharply to shifts in expectations regarding trade policy, inflation, and economic growth.

At the center of the latest turbulence is Trump’s announcement of a planned 10% tariff starting in February, set to rise to 25% later in the year unless a political agreement is reached over Greenland. These statements triggered sharp declines in US equity index futures and reinforced the perception that investors are bracing for a prolonged period of economic confrontation.

Gold and Silver Benefit From a Flight to Safety

Alongside declines in crypto assets and equity markets, precious metals recorded a sharp rally. Gold climbed to new all-time highs around $4,700 an ounce, while silver posted even stronger gains. This surge reflects a clear shift by investors toward assets perceived as safe during periods of heightened uncertainty, alongside a weaker dollar and concerns over the inflationary impact of broad-based tariffs.

Market participants note that the current tensions differ from previous trade disputes, as they involve relations within an alliance bloc and may generate a more persistent risk premium. Against this backdrop, expectations are growing that elevated volatility in risk assets will persist in the near term, while demand for safe-haven assets is likely to remain a key driver of market trends.

Overall, recent developments underscore how sensitive global financial markets—and the cryptocurrency market in particular—remain to political and policy shifts. For investors, the episode serves as a reminder that global dynamics continue to influence all asset classes, including those once perceived as detached from the traditional financial system.