Bitcoin and other cryptocurrencies turned sharply lower Friday after President Donald Trump threatened tariffs on both the European Union and iPhone-maker Apple. It follows a two-day stint during which the world’s largest crypto hit a record.

Bitcoin (BTC-USD) pulled back from its all-time highs in Friday morning trading after U.S. President Donald Trump rekindled global trade tensions with fresh tariff threats. The first-ever cryptocurrency (BTC-USD) slid 1.

Less than 24 hours before President Donald Trump was set to host a gala for crypto investors, the price of bitcoin hit a new all-time high — a confluence of events likely to bolster Trump's reputation as a champion of digital assets even as the dinner has raised ethical concerns.