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Bitcoin turns negative for 2026 as Trump's calming Greenland remarks fail to reverse slide
There was a modest bounce after the president said the U.S. had no intention of taking Greenland by force, but prices quickly resumed their decline.
Updated Jan 21, 2026, 5:11 p.m. Published Jan 21, 2026, 4:58 p.m.
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What to know:
- Bitcoin has pulled back below $87,586, giving up all of its 2026 gain.
- The selloff in bitcoin was briefly reversed earlier Wednesday after President Trump — speaking at the WEF in Davos — said the U.S. had no intention of taking Greenland by force.
- The president also expressed optimism about the passage of a crypto market structure bill.
Bitcoin is now negative on the year after falling below $87,586 in midday U.S. trading hours on Wednesday.
The largest cryptocurrency is down about 3% over the past 24 hours. BTC earlier in the session had moved back above $90,000 as President Donald Trump — speaking at the World Economic Forum in Davos — said the U.S. had no intention of taking Greenland by force. The president also expressed optimism about the ultimate passage of a crypto market structure bill.
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Other major cryptocurrencies, such as ether , XRP , and Solana , are also continuing to see declines.
Traditional markets are off session highs, but still faring better than crypto on Wednesday, with the Nasdaq and S&P 500 holding modest gains.
To the particular consternation of bitcoin bulls, precious metals remain very well bid, with gold up another 1.5% on Wednesday to a fresh record high above $4,800 per ounce. Silver is flat after soaring to its own record on Tuesday.
Growing tensions between the U.S. and its European allies over the fate of Greenland, combined with a Tuesday crash in Japan's government bond market, sent risk assets — crypto among them — sharply lower. While Japanese bonds (and stocks) recovered modestly on Wednesday, the shocks continue to be felt throughout the global financial system.
Well-followed crypto and global macro prognosticator Arthur Hayes called the sharp rise in Japanese government bond yields "the match” that could start a global risk-off cycle. “Let’s see how big the fire gets,” he added.
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JPMorgan bullish on crypto for rest of year as institutional flows set to drive recovery
After bitcoin fell below its estimated production cost, the bank said stronger fundamentals and rising institutional inflows could lift crypto in 2026.
What to know:
- JPMorgan sees renewed institutional inflows driving crypto markets higher in 2026.
- Bitcoin’s estimated production cost has fallen to $77,000, creating a potential new equilibrium after miner capitulation.
- Additional U.S. crypto legislation could provide the clarity needed to unlock further institutional participation, the bank said.
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