Bitcoin Value Dips to Under $109K Amid Trump's Suggested EU Tariffs

U.S. President Donald Trump's proposal of a 50% tariff on the European Union (EU) starting June 1 significantly impacted cryptocurrency markets, causing Bitcoin to drop below $109,000. Trump's assertion that the EU was primarily created to exploit the U.S. in terms of trade, coupled with the belief that the Union's policies have led to a yearly trade deficit of over $250 million for the U.S., led to this sudden Bitcoin slump.

This drop in Bitcoin value follows a similar pattern noticed when Trump initiated a trade war against various countries a few months ago resulting in a five-month low for Bitcoin. This recent statement also negatively affected altcoins, with Trump's own meme coin experiencing the most significant daily loss at 15%.