The European Union has scheduled an emergency meeting and U.S. Democrats are preparing legislation to block President Donald Trump's proposed tariffs against seven European nations over the Greenland dispute, yet Bitcoin has remained steady near $95,000 despite being the only major financial asset trading during this volatile weekend.
What Happened: Tariff Standoff Escalates
The newly announced tariffs target Denmark, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland starting Feb. 1.
The initial rate of 10% on all goods exported to the U.S. will rise to 25% if no deal is reached by June 1, according to Trump.
The EU responded by halting approval of a pending trade deal with the United States following the threats.
Democrats moved quickly on domestic soil, reportedly planning to introduce legislation to block the proposed tariffs on EU countries.
BTC last traded at just over $95,000, showing little reaction to the geopolitical turmoil despite cryptocurrency markets operating around the clock while traditional exchanges remain closed.
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Why It Matters: Markets Brace for Impact
Analysts at the Kobeissi Letter, who said they spent 12 months researching Trump's tariff playbook, described this as the fourth step in the trade war.
They expect financial markets to open lower on Sunday evening and Monday, but believe Trump will continue to play "hardball."
Unlike the recent U.S.-China bout, Kobeissi analysts noted the Greenland situation will require more time because such a potential acquisition "can't happen overnight and the EU remains highly opposed to even the idea of such a transaction."
Bitcoin has weathered tariff battles before. The cryptocurrency tumbled from $110,000 to $75,000 during the first trade war that unfolded in April 2025, but has shown more resilience in subsequent conflicts.
More fluctuations are expected as new developments emerge, the EU holds its meeting and futures markets reopen.
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