President Donald Trump’s announcement of higher tariffs on eight European countries tied to Greenland triggered $875 million in liquidations within 24 hours. Bitcoin slid 3% to about $92,000 as traders cut risk.
Nearly 90% of liquidations were long positions, while European leaders held emergency talks and warned of retaliation.
CoinGlass data showed $788 million of the liquidations came from longs, compared with $83 million from shorts, highlighting how traders were caught offside by rising geopolitical risk.
Posting on Truth Social, Trump said Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland would face 10% tariffs starting February 1, rising to 25% by June 1 unless a deal is reached for the “complete and total purchase of Greenland.”
European officials quickly condemned the move. French President Emmanuel Macron called for activating the EU’s anti-coercion “trade bazooka,” which could restrict US market access and impose sweeping countermeasures.
