US big banks hold early talks on joint crypto stablecoin: WSJ
Good Vibes Shattered as Trump Revives Trade War, Sending Bitcoin Tumbling Below $109K
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Stephen Alpher
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- 16 minutes read
BTC
$108,438.25
–
2.54%
ETH
$2,550.82
–
3.85%
USDT
$0.9999
–
0.02%
XRP
$2.3489
–
3.08%
BNB
$665.49
–
2.57%
SOL
$176.35
–
0.58%
USDC
$0.9997
–
0.01%
DOGE
$0.2324
–
3.24%
ADA
$0.7721
–
3.29%
TRX
$0.2659
–
4.27%
SUI
$3.6195
–
7.34%
HYPE
$34.83
+
13.78%
LINK
$16.13
–
2.08%
AVAX
$24.24
–
3.62%
XLM
$0.2900
–
2.98%
SHIB
$0.0₄1478
–
3.49%
BCH
$435.94
–
0.92%
HBAR
$0.1963
–
3.18%
LEO
$8.7821
–
1.10%
RYO
$3.8423
–
27.30%
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Updated May 23, 2025, 12:48 p.m. Published May 23, 2025, 12:14 p.m.
- Risk assets — bitcoin among them — fell sharply during early morning U.S. hours after President Trump reignited what had been cooling trade tensions.
- Floating along at above $111,000, bitcoin quickly fell about 2.5% on the news.
- The president threatened a 50% tariff on all EU imports to begin June 1 as well as a 25% tariff on Apple iPhones not made in the U.S.
What was setting up to be a somewhat sleepy session ahead of the holiday weekend is no more as President Trump woke up and chose to reignite what had been cooling trade tensions.
“The European Union … has been very difficult to deal with,” said the president in a Truth Social posting. “Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% tariff on the EU, starting on June 1.”
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The leader of the free world also took aim at Apple (AAPL) and its CEO Tim Cook. “I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the U.S. will be manufactured and built in the U.S., not India or anyplace else. If that’s not the case, a tariff of at least 25% must be paid by Apple.”
U.S. stock index futures quickly moved from modest gains to nearly 2% declines, with Apple falling 3.6%. Above $111,000 prior to the news, the price of bitcoin
quickly pulled back to $108,600.
Stephen is CoinDesk’s managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania’s Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
