In a week packed with policy fireworks and political theater, U.S. President Donald Trump has once again stolen global headlines, and this time, the crypto market is feeling the fallout.
On May 23, Trump announced a proposed 25% tariff on iPhones not made in the United States, in a broader bid to “bring manufacturing back home.” The news sent Apple stock tumbling by nearly 3% and triggered a wave of selloffs across both equities and digital assets.
But it didn’t stop there.
Trump also threatened a 50% import tax on all goods from the European Union, citing long-standing trade imbalances. Investors across sectors, from big tech to blockchain, braced for impact. As market panic set in, over $170 million in crypto liquidations swept across major exchanges, with Bitcoin and Ethereum taking heavy hits.
From iPhones to Altcoins: The Global Ripple Effect
Historically, aggressive U.S. trade measures have had widespread ripple effects, not just in traditional finance, but in crypto. Analysts recall similar reactions during the U.S.-China tariff standoff of 2018, which saw Bitcoin briefly rally amid fears of a weakening dollar and worsening trade wars.
But this time, sentiment flipped. Rather than acting as a hedge, crypto took a punch. Bitcoin (BTC) slipped to $107,983 (-2.35%), and Ethereum (ETH) dropped to $2,546 (-4.49%), as traders rotated out of risk-on assets.
“The markets interpreted Trump’s tariffs not just as protectionist bluster, but as a direct threat to global tech supply chains,” said Marcus Tanaka, senior strategist at CryptoSlate. “Increased iPhone costs mean reduced global demand, which can pressure tech stocks and crypto alike.”
Meme Coin Mayhem: The $TRUMP Gala and Altseason’s Sudden Death
As markets burned, Trump threw gasoline on the fire, hosting a meme coin gala at his Virginia golf club for top $TRUMP token holders. Billed as a red-hat dinner for “crypto patriots,” the event featured ribeye steaks, economic speeches, and meme coin millionaires.
Among the guests: Justin Sun, Lamar Odom, and dozens of wallets that pumped the $TRUMP token to a $27 billion market cap earlier this year. The gala also served as a reward ceremony, complete with Trump-branded luxury watches, just as the token dropped 8% in price and 92 wallets quietly sold off holdings.
While the party made headlines, crypto Twitter exploded with satire.
“Is this monetary policy or performance art?”
“Trump’s steak dinners are the new NFT launches.”
Political Spectacle or Strategic Distraction?
Some observers believe this spectacle might be more than just a parody. With the 2026 election cycle heating up, Trump’s digital asset dabbling could signal a larger pivot into crypto-fueled political funding.
But critics aren’t amused. Senators Elizabeth Warren and Jeff Merkley have already called for an ethics investigation, raising concerns about influence-peddling and financial transparency.
“Let’s be clear, using a meme coin to fund access to a political figure is a dangerous precedent,” Warren said during a Friday press briefing. “It’s the kind of hybrid corruption we warned about.”
How This All Impacts Crypto’s Future
Here’s what this week’s chaos signals for the crypto market:
Altseason May Be Over: With over $170M liquidated, many low-cap altcoins are spiraling. Traders are consolidating into safer assets, or sitting in stablecoins.
Increased Regulatory Scrutiny: The intertwining of meme coins and political influence is likely to attract SEC and IRS attention in the coming weeks.
Volatility to Remain High: As Trump doubles down on protectionist policies and populist coin launches, global markets are bracing for more volatility, not less.
Price Table
| Asset | Price (USD) | 24h Change |
|---|---|---|
| Bitcoin (BTC) | $107,983 | -2.35% |
| Ethereum (ETH) | $2,546 | -4.49% |
| $TRUMP Token | $0.193 | -4.02% |
| Apple (AAPL) | $195.27 | -3.02% |
Conclusion: A Week of Red Hats and Red Candles
Trump’s tariff threats have made waves before, but never like this. With Apple staring down a 25% manufacturing tax, the EU threatened with 50% duties, and a meme coin gala stirring political uproar, this may go down as the week crypto collided with politics in a way we’ve never seen before.
Whether this is the death of altseason or just the beginning of a new “memetic monetary era” remains to be seen. But one thing is certain: in 2025, crypto isn’t just financial anymore, it’s theatrical.
FAQs
What is the $TRUMP meme coin?
A Solana-based meme token launched in January 2025, heavily promoted by Donald Trump and his affiliates, often used as a political-branding asset.
Will Apple really move manufacturing to the U.S.?
Unlikely in the short term. Analysts predict costs would rise dramatically, possibly pricing iPhones at $3,500 or more.
Is this the end of altseason?
Possibly. The mass liquidations and political uncertainty have spooked many altcoin holders, leading to risk-off sentiment.
Glossary of Key Terms
Altseason: A market phase where altcoins outperform Bitcoin.
Liquidation: Forced selling of crypto assets due to margin losses.
Tariff: A tax on imported goods.
Meme Coin: A cryptocurrency launched with humor or internet culture as its theme.
Regulatory Scrutiny: Government investigation into financial practices.
Sources:
The Guardian – 25% iPhone Tariff
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