The cryptocurrency market experienced a shock lately as the Bitcoin price dropped below $109K due to controversy involving the former U.S. President Donald Trump. He recently announced possible new tariffs on the European Union and Apple, which is a big concern for many investors. The situation got worse due to a controversial private dinner Trump had with his memecoin supporters, causing a big impact on the market.

Key Takeaways:

• Bitcoin dropped its price from $111K to below $109K mark.
• The drop happened after Trump’s announcement on possible tariffs on the European Union and Apple.
• Trump hosted a private dinner with his memecoin holders, raising ethical concerns.
• Investors began to worry about the possibility of a trade war and increasing market uncertainty. 

Bitcoin price drops below $109K

Recently, it experienced a more or less 2.5% drop and brought the price to approximately $108,745, which is lower than the Bitcoin price before. This drop happened as the investors reacted to the recent news involving former president Donald Trump.

Not only Bitcoin, but also other major cryptocurrencies such as Ether, XRP, and Solana also experience price drops between 3% and 4%. This latest turn of events highlights how delicate the balance and relationship between political influence and market stability is in the evolving world of crypto.

Trump’s announcement shakes market

During a press conference in Florida, Donald Trump said that he might bring back new possible Tariffs on the European Union and Apple if he was re-elected as president. This announcement caused worry to the investors and added to market uncertainty. As a result, many withdrew money in risky assets such as cryptocurrency and transferred to safer options. 

He stated that the new trade restrictions are a part of his strategy to protect the American industry. This caused fear of trade wars that can impact global markets. Since cryptocurrencies are usually high-risk assets. 

Memecoin Dinner Backlash

A controversy arose regarding Trump, which added impact on the unstable crypto market. Donald Trump recently hosted a private dinner which was also a fundraiser for his memecoin. It was said that some big personalities in the crypto world attended his event.

Critics say that this kind of activity is unethical as it mixes politics and personal financial gain. While there’s no official investigation yet, the event has raised concerns about the growing connections between politics and cryptocurrency. 

Sentiments and Outlook

Despite the recent losses, some experts still believe Bitcoin and other kinds of digital assets have a long-term and strong future. Adding to the fact that the U.S Senate recently passed the GENIUS Act, which is aimed for clearer rules for stablecoins. This act was seen as a good sign for the crypto market.

However, there were still market sentiments or worries going on such as the elections, the uncertain trade regulations, and concerns over regulatory ethics. For the meantime, the crypto market is said to be unstable because of these circumstances. 

Conclusion

The sudden drop of Bitcoin price shows how sensitive the crypto market is to global politics and public opinion. As Donald Trump returns to politics again with threats to trade and involvement in controversial crypto events, the uncertainty in the market will continue to grow, and the stability of the market will continue to shake.  Many remain nervous as to what comes next, especially with certain politics and regulations-related controversies.