Bitcoin Faces Decline as Gold Rises Amid Trump's Davos Meeting Agreement
The latest update reveals a downturn for Bitcoin while gold surges as Donald Trump prepares for a high-profile meeting.
The geopolitical landscape concerning Greenland continues to intensify, with a significant meeting on the horizon in Davos, Switzerland, involving multiple leaders.
On Monday morning, Bitcoin (BTC) experienced a decline, hitting a new weekly low while gold soared to an impressive new high, surpassing $4,700/oz.
In a recent announcement, Trump imposed new tariffs of 10% against eight EU nations that deployed troops to Greenland, increasing tensions significantly. Furthermore, legacy media reports indicate that France is advocating for the EU to utilize its ’trade bazooka’ to restrict U.S. market access, a potential tactic that has yet to be employed.
Within the last 12 hours, Trump stated he received an invitation from French President Macron to meet on Thursday in Paris following the World Economic Forum in Davos, where discussions will also include representatives from Ukraine, Denmark, Russia, and Syria.
As a follow-up to these developments, the President confirmed a positive phone conversation with NATO Secretary General Mark Rutte regarding Greenland. He indicated his agreement to discuss matters with various parties in Davos but emphasized that acquiring the island is crucial for both national and global security.
In the midst of these unfolding events, Bitcoin’s value further declined, falling from near $93,500 to below $91,000, marking a low for the week. Earlier, the cryptocurrency faced a rejection at $95,500 as Asian markets and futures reopened after the weekend lull.
Conversely, gold has surged to a new record nearly touching $4,730/oz, witnessing an increase of over $120 since the market’s opening on Monday.
