Bitcoin rose slightly on Thursday but faced resistance in reclaiming the $90,000 level as signs of easing geopolitical tensions over US claims to Greenland provided limited support for the cryptocurrency.
Cryptocurrency prices have lagged significantly behind the rise in global stock markets, with technology stocks – which are usually the leaders in cryptocurrency trading – posting much larger gains.
Bitcoin settled at $90,001.7 by 10:19 AM Saudi time.
Bitcoin receives temporary support from easing tensions between Trump and Greenland
Bitcoin had risen sharply on Wednesday after US President Donald Trump said he would not impose tariffs against Europe over his claims to Greenland, and that a framework agreement had also been reached on the issue.
But the world's largest cryptocurrency failed to hold onto its gains, falling below $90,000 shortly afterward. This came even as broader risk-driven markets rallied, while safe havens like gold declined.
Cryptocurrency markets have remained unfavorable, especially among individual investors, following a sudden crash in late 2025 that led to a decline in sentiment towards the sector.
Markets have also become more wary of potential selling pressure from cryptocurrency treasury companies, given that a prolonged weakness in Bitcoin prices could leave major treasuries struggling to meet their financial obligations.
The disclosure by Strategy Inc's (NASDAQ:MSTR) of a $2.13 billion Bitcoin purchase did little to improve sentiment toward the currency this week.
Coinglass data showed that the world's largest cryptocurrency continued to trade at a discount in US markets.
The delay of a major US regulatory bill for cryptocurrencies earlier this month also dampened sentiment towards the sector.
BitGo raises $213 million in its US initial public offering
Cryptocurrency custodian BitGo set its initial public offering price in the United States above the set range on Wednesday, raising $212.8 million from the offering.
The cryptocurrency custody firm raised funds at a valuation close to $2 billion, indicating that investor appetite for cryptocurrency-related stocks, after a busy 2025, remained strong.
Bitgo's launch and market debut on Thursday is expected to pave the way for other major cryptocurrency companies seeking to go public this year, with reports indicating that asset manager Grayscale and exchange platform Kraken were aiming for an initial public offering in 2026.
Cryptocurrency prices today: Altcoins are slowly rising
Prices for the broader cryptocurrency market rose on Thursday, although they pared back most of their earlier gains.
Most alternative cryptocurrencies have also been suffering losses in recent weeks. Ethereum, the world's second-largest cryptocurrency, rose 1.3% to $3,018.71, while XRP added about 2%.
Solana, Cardano and BNB rose between 1.4% and 2%.
Among the meme coins, Dogecoin rose 1.3%, while $TRUMP fell 0.2% after losing a key support level at $5 this week.
