Bitcoin prices fell to a low of $107,385 on Friday as stocks and crypto slumped. The BTC slid alongside Wall Street after US President Donald Trump recommended a 50% tariff on the European Union. For each Coinglass data, total 24-hour liquidation amounted to over $550 million.
Bitcoin fell more than 2.7% on Friday after US President Donald Trump recommended 50% tariffs on European Union goods.
Bitcoin (BTC) prices have hit a low of $107,385, below $110K, as global stocks immersed amid the threat of Trump’s tariffs.
However, the Dow Jones industrial average has also recovered slightly from a decline of over 500 points, making BTC prices quickly recover to trading above $109,600.
Over $300 million has been settled
The 24-hour loss was around 1.7% at the time of writing, with BTC’s daily trading volume down 30% to $65.5 billion.
Bitcoin’s market capitalization was approximately $2.17 trillion.
Meanwhile, bullish traders caught offside after a sudden price swing had experienced a staggering liquidation.
For each Coinglass data, the total 24-hour liquidation has increased to over $550 million, with long positions accounting for over $395 million.
Of these recent long lengths, around $309 million came just hours after President Trump posted about the True Society.
The shorts have accounted for approximately $156 million in liquidation over the past 24 hours, and have accounted for approximately $36 million in the past four hours.
What did Trump say?
On Friday, US President Donald Trump took on his true social account to announce his disappointment as to whether trade talks with the European Union have made any progress.
He said the EU is “very difficult to deal with,” and the debate between the US and the bloc has gone anywhere.
Trump then said he would recommend a “straight 50% tariff” on EU goods starting June 1, 2025.
“The European Union, established for the primary purpose of using the US in trade, has been extremely difficult to deal with. They have led to their strong trade barriers, VAT taxes, ridiculous corporate punishments, non-monetary trade barriers, financial manipulation, unfair litigation, unfair litigation against American companies, and even more, to trade above $250,000, Trump noted.
Bitcoin price responds, falling below $110,000
Stocks and cryptocurrencies have declined since the announcement. Bitcoin, which reached a new all-time high above $111K, cut some of these profits.
However, despite the DIP, BTC is back at over $109,000 and is about to regain $110,000.
According to Anthony Pompliano, investors will buy DIPs immediately, as has happened over the last few weeks amid tariff-related sales.
Every time the market dumps due to a tariff threat, retail investors buy a DIP.
The laws of the universe at this point.
– Anthony Pompliano🌪 (@Apulteriano) May 23, 2025
The BTC traded for around $109,692 at the time of writing.
