Bitcoin's price dipped below the $90,000 mark again, despite a slight uptick following news that tensions eased between the U.S. and Europe concerning Greenland. The broader cryptocurrency market lagged behind global equities gains, with altcoins mostly declining or stagnating. Investor hesitancy remains influenced by prior market crashes, regulatory delays, and concerns over crypto treasury companies' financial stability. Meanwhile, crypto custody firm BitGo's strong IPO performance signals ongoing investor interest in crypto-linked equities.
Key Points
- Bitcoin briefly gained following eased US-Europe tensions over Greenland but quickly fell back below $90,000.
- Cryptocurrency markets lagged behind global equity gains, with tech stocks outperforming, reflecting cautious investor sentiment.
- Crypto treasury companies face potential risks due to Bitcoin price weakness, raising concerns over their ability to meet debt obligations.
- BitGo's $213 million IPO success demonstrates sustained investor interest in crypto-related equities despite price headwinds in the crypto spot market.
Bitcoin encountered renewed challenges in surpassing the psychologically significant $90,000 level on Thursday, slipping modestly even as geopolitical tensions regarding Greenland de-escalated. The easing came after U.S. President Donald Trump indicated that tariff threats against Europe were lifted and a framework deal had been achieved, yet this positive development only provided fleeting support to cryptocurrencies.
Cryptocurrencies collectively underperformed relative to a broad rally in global stock markets, particularly as technology stocks, which often predict crypto trends, posted substantially larger gains. By 09:47 ET (14:47 GMT), Bitcoin's value had marginally declined by 0.6% to $89,295.
Analyst Iliya Kalchev from Nexo Dispatch noted that while Bitcoin exhibited some correlation with improved overall risk appetite, the asset remained measured and struggled to maintain a breakout above the $90,000 barrier, reflecting cautious investor behavior.
Bitcoin’s brief surge on Wednesday followed Trump’s remarks that removed the threat of tariffs related to Greenland negotiations. Nevertheless, this bullish momentum was unable to sustain itself, and the asset retreated below the critical $90,000 price point shortly after, even as conventional risk assets rallied and traditional safe havens like gold saw price declines.
The broader cryptocurrency landscape continued to face headwinds, particularly from retail investors. This wariness traces back to the sector’s significant downturn culminating in a flash crash in late 2025, which has undermined confidence.
Additional pressure stems from concerns about crypto treasury companies potentially offloading holdings to meet debt obligations if Bitcoin prices remain depressed. This risk was highlighted despite Strategy Inc (NASDAQ:MSTR) recently disclosing a substantial $2.13 billion Bitcoin purchase, a move that did little to buoy market sentiment.
Data from Coinglass revealed that Bitcoin trading prices exhibited a discount on U.S. exchanges compared to other venues. Furthermore, momentum was dampened by the postponement of a pivotal U.S. cryptocurrency regulatory bill earlier this month, adding uncertainty to the sector.
In contrast to price struggles, crypto custody provider BitGo successfully raised $212.8 million in its U.S. initial public offering, pricing above the indicatively stated range and valuing the company near $2 billion. This strong capital influx suggests sustained investor appetite for crypto-related equities following a prosperous 2025.
BitGo’s IPO debut this week could pave the way for other prominent crypto entities like Grayscale and Kraken, which reportedly plan to pursue public offerings in 2026.
Altcoins mirrored Bitcoin’s subdued price action on Thursday. Ethereum, the second-largest cryptocurrency by market capitalization, dipped 0.6% to $2,956.49, while XRP retreated nearly 1%. Other major altcoins including Solana, Cardano, and Binance Coin (BNB) showed relatively flat performance.
In the memecoin segment, Dogecoin decreased by 1%, and the $TRUMP token declined 1.7% following a breakdown below its critical $5 support level earlier in the week.
Overall, despite intermittent geopolitical relief and strong equity market rallies, the cryptocurrency ecosystem remains cautious, influenced by market volatility, regulatory uncertainties, and treasury liquidity concerns, factors which continue to shape investor behavior across digital assets and associated equities.
Risks
- Continued Bitcoin price weakness may pressure crypto treasury firms' financial stability, impacting market liquidity and investor confidence.
- Delays in U.S. cryptocurrency regulatory legislation add uncertainty about sector oversight, potentially influencing institutional engagement.
- Persisting negative sentiment following past flash crashes and recent price volatility could deter retail investor participation, limiting market recovery.