Bitcoin hit an all-time high of $111,980 before falling below $108,000 following President Trump's proposal of new tariffs on the European Union and Apple.
Trump suggested a 50% tariff on EU imports starting June 1 and a 25% tariff on iPhones sold in America unless built domestically, impacting Bitcoin's price.
Bitcoin's recent correction reflects cautious sentiment among traders and sensitivity to macroeconomic and political developments.
Ether (ETH), XRP, and Dogecoin (DOGE) also faced declines, with ETH trading above $2,562, XRP at $2.37, and DOGE at $0.2360 amidst the trade war fears.