What to know:
Bitcoin rose to about $89,500 on Wednesday morning, rebounding more than 1 percent from its session low.
The move came after former President Donald Trump struck a more conciliatory tone on U.S. efforts to acquire Greenland during a keynote speech at the World Economic Forum in Davos.
Gold retreated from a record high near $4,900 as risk assets, including cryptocurrencies, attempted to stabilize after several days of sharp declines.
All I'm asking is a piece of ice," he added later during the speech, noting that he won't use force for the acquisition.
Bitcoin climbed to $89,500, up more than 1% from the session lows. Meanwhile, gold fell from its fresh record of almost $4,900, giving back some of the early gains.
Risk assets, including cryptocurrencies, saw sharp declines over the past days as investors grew increasingly concerned about rising tensions between U.S. and Europe over Greenland. Trump threatened to impose tariffs against several European countries.
