The cloud of US-Europe tariff war looms, Bitcoin dips to $92,000, NYSE 24/7 tokenization platform signals financial transformation

Bitcoin plummeted approximately 3% in the overnight market, briefly touching around $92,000, with the total market capitalization of cryptocurrencies evaporating about $130 billion in a short period. The catalyst for this turbulence was geopolitical: U.S. President Trump proposed new tariffs on eight European countries over Greenland issues. Meanwhile, the New York Stock Exchange announced it is developing a tokenized securities trading and on-chain settlement platform supporting 24/7 trading of U.S. stocks and ETFs.

Macro Shock

On the evening of Sunday, January 18, global risk assets faced a heavy blow. The sudden escalation of tariff threats between Europe and the U.S. over Greenland became the final straw crushing market sentiment.

President Trump proposed imposing new tariffs on eight European countries. As a result, U.S. stock futures weakened pre-market, triggering a chain reaction of sell-offs in the crypto markets. The market reacted swiftly and violently. Bitcoin’s price dropped about 3% in a short time, retreating from recent highs and briefly dipping into the $92,000 range.

According to Cailian Press, over the past 24 hours, more than $680 million in crypto positions were liquidated, nearly $600 million of which were long positions betting on price increases. Another market data shows that during the peak 90-minute period, liquidated longs amounted to as much as $546 million. This decline interrupted the early 2026 rebound rhythm of cryptocurrencies. Previously, Bitcoin approached $98,000, with market expectations that it could lead the industry out of months-long downturn. The sharp decline triggered by external macro events again highlights the correlation between crypto markets and traditional risk assets, as well as their fragility in the face of global macro uncertainties.

Digital Leap in Traditional Finance

While the crypto market fluctuates due to external shocks, core institutions in traditional finance are undertaking a profound transformation at the infrastructure level. The NYSE has planned to launch a tokenized securities platform supporting round-the-clock trading and instant on-chain settlement. This platform aims to integrate NYSE’s existing Pillar matching engine with a blockchain-based settlement system. Its design goals are clear: support 24/7 trading of U.S. stocks and ETFs, fractional trading, USD-denominated orders, and real-time settlement with stablecoins. This is not an isolated technological experiment but a key part of its parent company ICE’s overall digital strategy. The strategy includes preparing its clearing infrastructure for round-the-clock trading and exploring the integration of tokenized collateral.

Meanwhile, ICE is collaborating with major banks such as BNY Mellon and Citigroup to explore supporting tokenized deposits within its clearinghouses. This will facilitate fund transfers, management, and margin fulfillment outside traditional banking hours, meeting cross-jurisdictional and time zone funding needs. These initiatives indicate that the evolution of traditional equity markets toward digital, programmable forms has entered a substantive stage. Once regulatory approval is obtained, this platform will promote the formation of a new market supporting tokenized stock trading and interoperability with traditional securities issuance and digital-native securities tokens.

Market Analysis and Outlook

The current market is at the intersection of macro geopolitical risks and long-term financial infrastructure innovation. On one hand, sudden events cause sharp price swings and leverage liquidations; on the other, institutional-level strategic deployment is laying the groundwork for a broader future market.

Taking Bitcoin as an example, according to Gate data, as of January 20, 2026, its latest price is $92,492.2, with a 24-hour change of -0.09% and a 7-day increase of +1.30%. The decline triggered by tariff news can be seen as a short-term stress response to uncertainty. Although short-term volatility is dominated by sentiment, some long-term structural factors are at play. For example, inflows into the U.S. spot Bitcoin ETF are considered a key variable. Analysts suggest that if macro conditions improve and institutional participation accelerates, the potential upside could be greater.

On the other hand, risks should not be overlooked. Some analysts point out that Bitcoin’s current price remains below the 365-day moving average of about $101,000, a level historically regarded as a significant market boundary. Market analysis firm Glassnode also notes that crypto futures liquidity remains relatively insufficient, and investor sentiment is cautious.

The table below summarizes key market data and perspectives from some institutions:

From a trading perspective, some analysts view the current level of around $92,000 as a critical support. If it fails, $90,000 could become the next target.

The NYSE’s push for a 24/7 tokenized trading platform signals a clear move by traditional finance to embrace blockchain technology and seek self-reinvention. It may blur the lines between traditional securities and digital assets in the coming years, opening the door for broader on-chain asset issuance and increased liquidity. For ordinary market participants, this moment underscores the importance of diversification and risk management. Before enjoying potential high returns, it is crucial to ensure survival through short-term volatility. Market education, macro event awareness, and understanding new technologies will be more important than ever.