Bitcoin price drops 4% as Trump EU tariff talk liquidates over $300M
Bitcoin (BTC) experienced significant volatility on May 23, with prices dropping to $107,367 on Bitstamp before recovering, resulting in daily losses of up to 4%. This decline was triggered by comments from US President Donald Trump regarding tariffs on the European Union, stating that discussions were unproductive and proposing a 50% tariff starting June 1, 2025. The S&P 500 and Nasdaq Composite Index fell by 1% and 1.2%, respectively, in response. Liquidations in the crypto market reached nearly $350 million within four hours and over $500 million in 24 hours. Traders noted the importance of maintaining key BTC price levels for potential rebounds, with a focus on holding above $110,000. The market is currently navigating trade uncertainties and the implications of tariff pressures on inflation and treasury yields.
