Bitcoin has fallen more than 6% over the past week, trading back below $90,000 after briefly reclaiming $97,000, as global markets react to a sharp move in Japan’s bond market and intensifying tariff tensions between the U.S. and Europe. Japan’s 10-year government bond yield has surged to about 2.29%, its highest level since 1999, while new U.S. tariffs on eight European countries over Greenland are set to rise from 10% in February to 25% by June, prompting analysts to warn of tighter financial conditions and fading risk appetite.

On January 20, 2026, Pierre Rochard, CEO of The Bitcoin Bond Company, submitted a comment letter asking the Federal Reserve to treat Bitcoin as an explicit variable in the 2026 supervisory stress tests. He cited BTC's 73.3% annualized volatility and deep drawdowns, and proposed calibrated price paths to reduce model divergence across banks.

Late Monday, a leverage flush sent Bitcoin down 9% to $87,000 and erased $360 million in longs. On Tuesday, crypto market value fell by $150 billion as BTC slipped below $88,000, while gold reached a record $4,874.21, up 2.3%. CoinGlass flagged $998.33 million in long liquidations over 24 hours.

Bitcoin fell below $90,000 as gold traded above $4,755/oz, with Michaël van de Poppe saying on January 19, 2026 that the BTC–gold RSI touched 30, a level last seen at the 2015, 2018 and 2022 lows. Charts highlight support at $88K–$90K and resistance at $100K–$101K, with daily RSI hovering in the mid-40s.

Coinbase CEO Brian Armstrong unveiled a policy blueprint to expand tokenized access to capital markets, aiming at roughly 4 billion adults excluded from equities and bonds. On January 16, 2026, Coinbase began rolling out stock trading to select users, aligning with his "everything exchange" vision.

Bitcoin slipped below $95,000 after a pullback from near $98,000, while U.S. spot ETFs flipped from $1.3 billion in outflows to $1.7 billion in inflows. BlackRock's IBIT collected $1.035 billion during the January 12–16 trading week. Glassnode data indicates easing sell pressure and renewed accumulation despite price consolidation.

Wintermute's year-end 2025 analysis argues that crypto's historical four-year bull cycle has broken down, with ETF and digital asset treasury flows concentrating liquidity in Bitcoin and Ethereum instead of rotating into altcoins. The firm's trading and derivatives data shows shorter altcoin rallies, deepening institutional engagement, and a major October 10 deleveraging, while it highlights three potential catalysts that could broaden market participation in 2026.

Over the weekend, the report notes nearly $900 million in crypto liquidations as XRP dipped to fill a $1.97 CME 4H gap and retest its daily trend. On January 19, 2026, on-chain analyst KryptoMessi said this setup could fuel a decoupling move toward $3. Matt Hughes added that XRP/ETH rose above the two‑week Ichimoku Cloud for the first time since 2021.

Privacy-focused cryptocurrencies climbed 13% over the past week while broader crypto markets suffered nearly $1 billion in liquidations and major coins declined. Monero, Dash and DUSK led the move, with DUSK up 110.5% on the day and more than 354% over the week, pushing the sector’s market cap to $21.7 billion. Investors are rotating into censorship-resistant assets amid tightening KYC and AML rules, large-scale Tether wallet freezes and regulatory actions such as Dubai’s recent ban on privacy token trading.