Bitcoin leads the drop in cryptocurrency, dragged down by tense relations between the US and Europe.

Bitcoin and other cryptocurrencies continued to soften, touching a three-week low overnight, against the backdrop of heightened tensions between the US and Europe causing widespread risk aversion. US President Trump announced over the weekend that he would impose tariffs on several European countries in an attempt to purchase Greenland. The market will closely watch Trump's speech at the World Economic Forum scheduled for 1330 GMT to understand any further comments he may have on this issue. Data from the London Stock Exchange Group shows that Bitcoin fell by 0.4% to $89,066, after touching a low of $87,850 overnight. Ethereum also faced pressure, dropping by 0.8% to $2,967, after touching a three-week low of $2,921 overnight.