Update May 23, 14:27 UTC: Bitcoin recovered much of the losses made during European trading hours as the US market was opened. BTC is up 2.3% from daily low.
Bitcoin plunged more than 4% from a recent all-time high of $111,900 to $107,000 as US President Donald Trump announced potential tariffs on iPhones not made in the US and goods imported into the EU.
The S&P 500 and oil futures exceeded 1.6% and 0.9% respectively, with gold increasing by 1.5%.
Trump claimed that the EU is “very difficult to deal with”,
“The European Union, established for the primary purpose of using the US in trade, has been extremely difficult to deal with. They have their strong trade barriers, VAT taxes, ridiculous corporate punishments, non-monetary trade barriers, financial manipulation, unfair and unfair litigation against American companies, and even more than $250,000 totally. So our argument is nowhere to be found. I have been recommending the European Union directly from June 1, 2025.
Regarding Apple, he said,
“I have been telling Apple’s Tim Cook a long time ago that I expect the iPhones sold in the United States to be manufactured and built in the United States, not in India. Otherwise, you will have to pay Apple a tariff of at least 25%.”
Bitcoin has erased the profits it has earned from price discovery over the past few days since the new all-time high was printed.
Over the past 24 hours, all of the top 10 cryptocurrencies have fallen in prices. A top performer, Solana lost just 1.2%, supported by the bullish momentum of the Solana community since Trump’s gala dinner last night.
Ethereum, Dogecoin, and XRP have dropped by more than 4%, with BNB lifting the rear. Tether and USDC are clearly Stablecoins, maintaining pegs within 0.03%
