Bitcoin nosedives 4% as Donald Trump threatens tariffs on imported iPhones and EU products

iPhones made outside of the US are to be subjected to 25% tariffs, while the EU will face a blanket 50% tariff on June 1.

May 23, 2025

Happy Friday!

Bitcoin took a sharp hit today dropping over 4% as President Donald Trump announced steep new tariffs with a 25% tax on iPhones made outside the U.S. and a sweeping 50% tariff on European Union imports starting June 1 rattling markets and tech stocks alike. Meanwhile, Bitcoin’s supply nears total profitability driven by strong institutional demand and ETF inflows that reflect a shift from retail to professional investors. On the altcoin front, Solana memecoins are seeing a surge in average daily trading volume up 46% in May mirroring Bitcoin’s recent recovery though still shy of pre-LIBRA scandal levels.

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The global crypto market cap is $3.44 trillion, with a 24-hour volume of $169.5 billion. The price of Bitcoin is $109,241.52, and BTC market dominance is 62.9%. The price of Ethereum is $2,574.59, and ETH market dominance is 9.0%. The best-performing sector is Derivatives, which gained 11%. The Crypto Fear & Greed Index is currently Greed (78).

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