Bitcoin Slides Again as Risk-Off Mood Pressures Crypto

Key Moments

Bitcoin traded at $88,966, down 0.2% by 09:41 ET (15:41 GMT), hovering near one-month lows and on track for a 5% weekly decline.
A disclosed $2.1 billion Bitcoin purchase by Strategy Inc (NASDAQ:MSTR) and easing geopolitical tensions did not prevent broad crypto weakness.
Major altcoins, including Ether, XRP, BNB, Solana, and Cardano, were all set for steep weekly losses, led by Ether’s projected 11.5% decline.

Macro Headwinds Sap Crypto Risk Appetite

Bitcoin remained under pressure on Friday, closing out a soft week for digital assets as improving sentiment over the U.S. and Greenland, along with a sizeable purchase by Strategy, failed to generate sustained demand for cryptocurrencies.

During the Asian trading session, risk-taking was further constrained ahead of a Bank of Japan policy meeting and after U.S. President Donald Trump warned of potential military action in Iran.

Safe-haven assets surged, with gold and other precious metals climbing to record highs amid rising interest in physical stores of value. Bitcoin did not keep pace with bullion’s advance and continued to lag behind traditional haven assets.

The largest cryptocurrency by market capitalization slipped 0.2% to $88,966 by 09:41 ET (15:41 GMT).

Bitcoin Heads for Weekly Loss Despite Strategy Inc Accumulation

Bitcoin briefly firmed earlier in the week after Trump dialed back his rhetoric over Greenland, but those gains faded, and prices drifted back toward one-month lows.

The token was on course for a 5% loss for the week, showing limited reaction to top corporate holder Strategy Inc (NASDAQ:MSTR) revealing a $2.1 billion Bitcoin purchase.

Strategy has become a focal point of market debate around Bitcoin, as investors scrutinized the sustainability of its Bitcoin treasury approach amid prolonged weakness in Bitcoin’s price performance.

Sentiment was also hit by the delay of a much-anticipated U.S. crypto regulatory bill. The setback followed opposition from Coinbase Global Inc (NASDAQ:COIN), which objected to the legislation in its current version.

Retail Participation Remains Subdued

Retail interest in Bitcoin stayed muted, with capital flows favoring technology equities, especially those tied to artificial intelligence themes, which drew significant inflows at the expense of digital assets.

The Coinbase Bitcoin premium index – which tracks the spread between Bitcoin’s U.S. price on Coinbase and the global average – showed the cryptocurrency trading at a near-steady discount in the U.S. since mid-December. This pattern pointed to persistently weak retail demand in the world’s largest crypto market.

🇺🇸 The US stock market just opened, and Bitcoin is dumping again below $89,000. pic.twitter.com/Z16XfRApI6
— Crypto Rover (@cryptorover) January 23, 2026

UBS Evaluates Crypto Trading for Wealth Clients

UBS Group is weighing the introduction of cryptocurrency trading for a segment of its private banking clientele, indicating a potential expansion of its stance on digital assets as major international banks intensify their crypto initiatives, according to a Bloomberg report.

The Swiss financial institution has been reviewing possible partners to facilitate a crypto trading offering, the report said, noting that discussions have been ongoing for several months.

Bloomberg reported that UBS has not yet determined a launch timeline for the service or the extent of its rollout within the private banking franchise.

Altcoins Track Bitcoin Lower With Deeper Weekly Damage

Altcoins moved broadly in step with Bitcoin and were on track for even sharper declines over the week.

Asset	Move Today	Latest Price	Implied Weekly Performance
Bitcoin	-0.2%	$88,966	-5% (headed)
Ether (World no.2 crypto)	-2%	$2,908.64	-11.5% (headed)
XRP	-1.7%	Not stated	Set to lose around 5%
BNB	-0.1%	Not stated	Set to lose around 5%
Solana	-2.5%	Not stated	Down about 9% this week
Cardano	-1.4%	Not stated	Down about 6% this week
Dogecoin	-1.8%	Not stated	Not stated
$TRUMP	-0.6%	Not stated	Not stated