Bitcoin has turned negative for the year, dropping below $87,500 during U.S. trading hours on Wednesday. The cryptocurrency is down approximately 3% over the past 24 hours, despite briefly surpassing $90,000 earlier in the session. This decline comes amid broader market volatility, with President Donald Trump addressing the World Economic Forum in Davos, where he dismissed any intentions of the U.S. to take Greenland by force and expressed optimism about a crypto market structure bill. Other major cryptocurrencies, including Ether, XRP, and Solana, are also experiencing declines. Traditional markets, such as the Nasdaq and S&P 500, are maintaining modest gains, contrasting with the crypto market's downturn. Meanwhile, precious metals like gold have reached new record highs, with gold climbing 1.5% to over $4,800 per ounce. The market turbulence is partly attributed to tensions between the U.S. and European allies over Greenland and a recent crash in Japan's government bond market, which has impacted risk assets globally.