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Tensions between the United States and the European Union have increased after several European countries sent troops to a new hotspot in Greenland.
According to the statement, US President Trump therefore announced the imposition of tariffs on multiple European countries from February 1 until an agreement is reached on the complete acquisition of the island.
Despite these developments, Bitcoin’s price remained relatively stable near $95,000 during an eventful weekend, with the cryptocurrency market one of the few open around the clock.
According to reports, the tariffs include countries such as Denmark, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland, which impose a 10% tariff on goods exported to the United States.
Trump added that this could rise to 25% if a deal is not reached by June 1.
The EU’s reaction was swift, with reports that it would suspend ratification of its trade deal with Washington following the latest threats and calling for an emergency meeting today to discuss the situation.
Domestically, Democrats are working on legislation aimed at blocking tariffs on EU countries.
Although the trade war has put pressure on Bitcoin’s price in previous phases, Bitcoin’s price appears to be more stable so far, with prices holding steady near $95,000.
However, it is expected that volatility may increase later in life as new developments are released, European meetings take place and futures trading returns.
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