Following an unusual trading weekend characterized by soaring geopolitical tensions, Bitcoin’s price slid significantly on Monday morning, dropping to just under $92,000.

Most major altcoins also faced severe downturns. Ethereum is currently valued at $3,200, while XRP has dipped below $2.00. On the contrary, coins like XMR and ICP have defied market trends and seen gains.

BTC Dipped Below $92K

Bitcoin initially gained traction at the start of last week, reaching a multi-month high of $98,000 on Wednesday. However, this level marked a strong sell-off, and Bitcoin managed to stay above $95,000 for several days.

The weekend proved to be strangely uneventful, considering the escalating US-EU trade war. EU countries deployed troops to Greenland after comments from Trump suggested that the US should acquire the territory. In response, Trump introduced a 10% tariff, while the EU arranged an emergency meeting and French President Macron advocated for a robust trade stance against the US.

Bitcoin maintained its composure until futures and Asian markets opened on Monday morning, resulting in a decrease of over $3,000, landing at a six-day low of just under $92,000.

Even though Bitcoin has since bounced back by around $1,000, it remains over 2% down for the day. The total market cap has fallen below $1.860 trillion, but Bitcoin still holds a dominant share of 57.5% in the altcoin market.

Alts Bleed Out

Ethereum has struggled, currently stable around $3,200 after falling from $3,350. XRP dipped below $2.00, hitting as low as $1.84 earlier today. Other coins such as DOGE, SOL, ADA, LINK, XLM, ZEC, AVAX, and HYPE have also faced steep declines.

The most significant losses are seen with ASTER, SUI, APT, ONDO, ARB, PEPE, and ENA, all of which are down by double digits today. Meanwhile, XMR and ICP remain as exceptions trading positively.

Overall, the cryptocurrency market cap has plummeted by $100 billion since yesterday, now totaling $3.220 trillion.