Bitcoin Tumbles Below $85,000 Amid President Trump's EU Tariff Threats

Bitcoin BTC/USD is continuing its price slide on Wednesday as President Donald Trump threatened 25 percent tariffs on the European Union.

The apex crypto slid as low as $83,724 in the aftermath. The Financial Times on Wednesday reported on the president’s remarks at the first cabinet meeting.

Trump said a decision has been made and will be announced “very soon,” with tariffs to be imposed “on cars and all other things.”

He further stated that the European Union was “formed to screw the United States” and, according to Trump, has “done a good job” of it, FT reported.

The crypto market plunged following Trump’s remarks, wiping out over $470 million in long liquidations and dropping 3.7% in total market capitalization.

The news follows the biggest day of spot Bitcoin ETF outflows on Tuesday, with over $1 billion in combined net outflows.

Prominent Bitcoin critic Peter Schiff sees Trump as the catalyst for Bitcoin’s surge above $100,000 but predicts a reversal of the bull market. According to Schiff, $50,000 per bitcoin may be in the cards.

Market participants eagerly await the Nvidia earnings call after market closure for a possible short-term reversal.

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