Bitcoin fell back below the $90,000 mark on Thursday, struggling to reclaim the key level as easing geopolitical tensions around U.S. demands for Greenland offered only limited support to the cryptocurrency market.
Digital assets underperformed a broader rally in global equities, with technology stocks — often a bellwether for crypto — posting much stronger gains. Bitcoin slipped 0.6% to $89,295 by 09:47 ET (14:47 GMT).
“Bitcoin’s price action reflected improving risk sentiment, but the move lacked conviction, with prices failing to build sustained momentum above $90,000,” said Iliya Kalchev, analyst at Nexo, in comments to Investing.com.
Greenland de-escalation offers only brief support
Bitcoin had jumped sharply on Wednesday after Donald Trump said the United States would not impose tariffs on Europe linked to the Greenland dispute and confirmed that a framework agreement had been reached.
However, the world’s largest cryptocurrency quickly gave up those gains, slipping back below $90,000 even as risk-sensitive markets rallied and traditional safe havens like gold declined.
Crypto sentiment remained fragile, particularly among retail investors, following a sharp selloff late last year that continues to weigh on confidence. Markets are also increasingly cautious about potential selling pressure from crypto treasury firms, as extended weakness in Bitcoin prices could strain balance sheets and debt servicing.
A disclosure by Strategy Inc. (NASDAQ: MSTR) that it purchased $2.13 billion worth of Bitcoin failed to lift sentiment this week. Data from Coinglass showed Bitcoin continuing to trade at a discount in U.S. markets, while delays to a key U.S. crypto regulatory bill earlier this month further dampened optimism.
BitGo IPO highlights equity appetite
Elsewhere, crypto custody firm BitGo priced its U.S. initial public offering above the expected range on Wednesday, raising $212.8 million at a valuation close to $2 billion.
The strong debut suggests investor appetite for crypto-linked equities remains healthy after a strong 2025. BitGo’s listing is expected to pave the way for other potential public offerings, with reports indicating asset manager Grayscale and exchange Kraken are exploring IPOs in 2026.
Altcoins track Bitcoin lower
Broader cryptocurrency prices also edged down on Thursday, largely mirroring Bitcoin’s weakness. Ether slipped 0.6% to $2,956.49, while XRP fell nearly 1%. Solana, Cardano, and BNB traded little changed.
Among memecoins, Dogecoin declined 1%, while $TRUMP dropped 1.7% after breaking below the key $5 support level earlier this week.
