General Assessment
Trump administration's tariff war against 8 European countries tied to the Greenland acquisition bid has escalated into the greatest transatlantic crisis in generations. In a letter to the Norwegian PM, Trump referenced the Nobel Peace Prize, stating "I no longer feel an obligation to think purely of Peace." This statement pushed diplomatic tensions to their peak.
The World Economic Forum starting today in Davos will be the platform where tensions between Trump and European leaders are tested. Denmark decided not to attend due to the Greenland dispute. Ukrainian President Zelenskyy also confirmed he will not attend.
In the crypto market, Bitcoin broke the critical $93,000 support and retreated to $90,700. $680 million in long positions were liquidated during the Asian session. Glassnode noted that the earlier push toward $96,000 was leverage-driven, not organic demand.
Geopolitical tensions continue to push gold to new records. Gold hit an all-time high at $4,720. Gold gained 64.4% in 2025, its best performance since 1979. J.P. Morgan set their 2026 year-end target at $5,055.