Bitcoin and most other major cryptocurrencies fell sharply overnight, in synch with equity futures and other financial market products.
The dollar price of bitcoin was down 2.15% over 24 hours to $92,989, having come close to $98K last week, but was largely flat over the past seven days.
Over a month, BTC is up 5.4%, but well off its near $125K highs from last July.
Elsewhere, ethereum was down 2.7% over 25 hours to $3,216, while XRP was down 3.6% to $1.97 and solana was down 5.8% at $133.85.
The selling reflected a risk-off shift, market analysts said, after US President Donald Trump threatened new tariffs against countries that opposed his plan to buy or otherwise take control of Greenland.
In a post on his Truth Social platform over the weekend, Trump said Denmark, Norway, Sweden, France, Germany, the United Kingdom, Netherlands and Finland would be hit with a new 10% tariff from the start of February, rising to 25% in June.
"This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland," he said.
EU officials are preparing a retaliation package, according to the Financial Times, which could include tariffs on up to €93 billion of US goods or limits on American companies’ access to the single market, should Trump follow through on threats against Nato allies.
European countries own $8 trillion of US bonds and equities, "almost twice as much as the rest of the world combined," George Saravelos, head of forex research at Deutsche Bank, pointed out in a note over the weekend.
"In an environment where the geoeconomic stability of the western alliance is being disrupted existentially, it is not clear why Europeans would be as willing to play this part."