Cryptocurrency markets experienced a sharp downturn this weekend, with major players like Bitcoin and XRP falling over 2% and 3.5% respectively, following President Trump’s announcement of potential EU tariffs. The shock came as a response to the US President’s statement regarding renewed trade tensions with the European Union. Just weeks after negotiations with China yielded positive results, Trump expressed his discontent with the EU for allegedly not reciprocating in a manner that he found acceptable. Trump threatened to impose 50% tariffs on all goods imported from the bloc beginning June 1st. The announcement triggered significant selling across the crypto market, as investors reacted nervously to this development. Bitcoin dropped below $109,000 shortly after Trump’s statements, while XRP investors also saw losses exceeding 3%. Despite previous signs of bullish momentum, the sudden shift in sentiment caused a rapid decline. The market witnessed over $500 million in leveraged positions being liquidated within just 24 hours, according to CoinGlass data, impacting over 150,000 traders. The correction was attributed to renewed EU tariff fears by analysts like Michael van de Poppe of MNCapital. Market participants are now waiting for a clearer outlook as this situation unfolds.