It has been a monumental week so far for the leading cryptocurrency. However, in a rather surprising turn of events, Bitcoin has dropped Friday on news that US President Donald Trump has unveiled brand new Apple iPhone and European Union (EU) tariffs.
This has been a monumental week for Bitcoin, as the asset surged to a new all-time high of $111,000 on Thursday. Moreover, there are expectations that this could be the beginning of a new bull rally for the asset. However, the only thing that could derail that potential is new policies that spook investors.
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New Trump Tariffs Knock Bitcoin Back After Record Surge
It has been an incredible week for Bitcoin so far. The asset has been at the center of a historic price increase that saw it reach new landmark levels. Moreover, the Texas House of Representatives advanced a bill to establish a strategic BTC reserve to the governor’s desk. The move would be immense for its future price value.
However, things took a step back on Friday, with the market concerned that even more losses could be nearing. Specifically, Bitcoin fell from its record pace with US President Donald Trump threatening brand-new tariffs on both the Apple iPhone and the EU bloc.
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The love led BTC to drop as much as 4% immediately after the rumblings made headlines. The asset rebounded somewhat, down just 1% at the midday point and trading at the $109,000 level, according to CoinMarketCap.
The new Trump tariff plan would see a 50% import tax on the EU, while the Apple product would face a 25% import duty increase. For the former, Trump notes that trade talks with the bloc are going nowhere.”
Moreover, he targeted Apple over rumblings that the company would be set to produce products in India. Trump said, “I expect their iPhone that will be sold in the United States of America will be manufactured and built in the United States, not India or any place.”