Bitcoin (BTC $90,516.70) and the broader cryptocurrency market slid on Monday after reports that the European Union is preparing €93 billion ($110 billion) in retaliatory tariffs in response to U.S. President Donald Trump’s Greenland-related comments.

The tariff concerns pressured European equities and U.S. futures, while safe-haven assets such as gold and silver surged to record highs. Bitcoin, however, failed to follow the rally in precious metals, trading near $93,000 after a 2.5% decline since Sunday at 23:00 UTC.

Altcoins posted mixed results. The CoinDesk 80 Index (CD80) fell 4.64% over 24 hours but was down only 0.93% since midnight, outperforming the bitcoin-heavy CoinDesk 20 Index (CD20), which dropped 2.5%.

Bitcoin has fallen back below the $94,500 support level after a brief breakout last Wednesday, increasing the risk of returning to the $85,000–$94,500 trading range that has persisted since mid-November.

Derivatives and Market Flows

The market pullback forced nearly $800 million in leveraged long positions to liquidate over 24 hours, reducing bullish leverage. Total crypto futures open interest (OI) fell more than 2% to $138.14 billion. Bitcoin OI rose slightly by 0.65%, while ether remained flat. Other major tokens, including SOL, XRP, ADA, DOGE, SUI, and LTC, saw OI declines of 8%-13%, reflecting broad risk aversion.

Despite the selloff, 30-day implied volatility for BTC and ETH remained steady, suggesting traders do not expect major near-term swings. The options volatility skew remains negative for both BTC and ETH, signaling persistent downside caution.

Altcoin Highlights

Lighter’s LIT token dropped 10% since Sunday, while HyperLiquid reclaimed the top spot for derivatives trading volume as interest in Lighter waned after its December airdrop.

Monero (XMR $534.75) diverged from the broader market, rising over 13%, while DeFi tokens such as ETHFI, ENA, and JUP posted double-digit losses. Layer-1 networks APT and SUI fell around 10%, and mid-cap tokens underperformed the major cryptocurrencies, reflecting ongoing liquidity pressures. Solana (SOL $127.70) and Cardano (ADA $0.3582) each lost roughly 6%.

The tariff-driven selloff triggered $815 million in liquidations, with $231 million in bitcoin and the remainder impacting altcoins, according to CoinGlass.