Bitcoin weakened to a fresh weekly low as gold surged to record levels, with escalating geopolitical tensions driving investors toward traditional safe havens.
Uncertainty surrounding Greenland intensified after US President Donald Trump announced new 10% tariffs on eight EU countries that reportedly sent troops to the island in an effort to pressure a potential sale to the US. The move sharply raised tensions between Washington and Europe.
Reports from European media suggest France is pushing the EU to consider deploying its so-called “trade bazooka,” a powerful and previously unused measure that could severely restrict US access to European markets.
Over the past 12 hours, Trump confirmed receiving a message from French President Emmanuel Macron inviting him to a high-level meeting in Paris on Thursday, following the World Economic Forum in Davos. The meeting is expected to include representatives from Ukraine, Denmark, Russia, and Syria.
Trump also said he held a “very good” phone call with NATO Secretary General Mark Rutte regarding Greenland. While agreeing to meet with multiple parties in Davos, Trump reiterated his stance that acquiring the island is “critical for national and global security.”
Markets reacted swiftly. Bitcoin fell from nearly $93,500 to below $91,000, marking its lowest level of the week after failing to break above $95,500 earlier in the day.
Gold, meanwhile, continued its rally, climbing to a new all-time high near $4,730 per ounce. The metal has gained more than $120 since markets reopened after the weekend, underscoring a clear shift toward risk-off assets.
