This crash is not just a simple matter within the cryptocurrency circle.

Bitcoin plummeted from 93,000 to 88,000, ETH fell below 3,000, U.S. stocks also plunged, while gold reached new highs—this already explains a lot:

It's not that crypto is collapsing; it's that global risk assets are being drained together.

The trigger seems absurd:

Trump's statement about "Greenland + tariff threats" sent the market into a frenzy.

But the essence is simple—tariffs are not diplomacy; they are expectations of inflation and recession.

Why is the market reacting so strongly?

Because the U.S. is already standing on the edge of a cliff:

Debt at 38 trillion, interest over 1 trillion a year

Interest rates can't be lowered further, and inflation can't be controlled

If tariffs are imposed again, it would be like fueling inflation

When the market hears "tariffs," the first reactions are only three things:

Interest rates will be higher for longer, liquidity will be tighter, and risk assets will die first.

So what you're seeing is not a "crypto crash," but rather:

U.S. stocks falling

BTC plunging even more

Gold being frantically bought

This is the reality.

So is Bitcoin really "digital gold"?

To put it bluntly:

At least not at this moment.

When something truly goes wrong:

Gold rises, BTC is slammed along with the Nasdaq

It's not a matter of belief; it's a structural issue:

BTC is still an amplifier of U.S. dollar liquidity, not a safe-haven asset.