📉 Bitcoin and major cryptocurrencies have experienced a sharp decline following President Trump's announcement of a 50% tariff on European Union imports, set to take effect on June 1. Bitcoin's price dropped by 2.7% to approximately $108,500, erasing recent gains and triggering a broader market sell-off.
This downturn comes after a period of optimism fueled by regulatory advancements, such as the U.S. Senate's approval of the GENIUS Act, aimed at regulating stablecoins. Analysts suggest that while the immediate reaction to the tariffs has been negative, the long-term outlook for Bitcoin remains positive, especially as institutional investors seek alternatives amid economic uncertainty.
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