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Economist and well-known Bitcoin critic Peter Schiff raised an interesting question on social media this week. He asked a simple, yet loaded question, if Bitcoin truly is the heir apparent to global finance, why are foreign central banks actively stocking up on gold instead of Bitcoin as they prepare for a world where the US dollar may no longer be the main global currency? When a user claimed that banks are buying Bitcoin, Peter replied and said, “No they are not. Some of their customers are. They are just making money off them.” Peter again took a jab at the crypto market. This time, the critic called crypto and tech investors “ignorant” for ignoring the risks of rising interest rates. Even though Bitcoin recently jumped to a new high of $111,000, Schiff remains firmly against it, warning that it’s a dangerous trap for investors. He added that with long-term interest rates likely to keep climbing, it won’t be long before the breaking point for crypto is revealed. Related: BlackRock’s IBIT Bitcoin ETF Crushes All Competitors In Daily U.S. Fund Inflows Schiff shared his concerns about the US financial markets. The US dollar index fell by around 2% this week, closing just above 99. Yields on US government bonds also jumped, with 10-year bonds ending above 4.5% and 30-year bonds above 5%. Schiff predicted that bond prices might fall even further next week. It wasn’t a good week for US stocks either. The S&P 500 index dropped around 2.5%, marking a week where the dollar, stocks, and bonds all declined, while gold and silver prices rose. Schiff blamed two major events for the market troubles. First, the US House of Representatives passed a large spending bill — one Schiff sarcastically called the “big beautiful bill.” He criticized it for increasing government debt instead of reducing it, despite earlier promises of budget cuts. Related: James Lavish Drops Truth Bomb: Bitcoin’s Future Path Will Shock Those Stuck In Old Cycle Thinking Second, credit rating agency Moody’s downgraded US government debt by one notch. This move followed similar downgrades by Standard & Poor’s and Fitch in the past. Schiff argued that the US government’s financial problems have been obvious for a while and that this downgrade was long overdue. On a positive note, Schiff said that precious metals like gold, silver, and platinum could perform well next week. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

In a few seconds, the calm of the markets evaporated. A shocking announcement by Donald Trump was enough to shake the indices… and drag Bitcoin down with them. Let’s look back on an electric day where the flagship cryptocurrency once again showed it is at the heart of global turbulence. It only took a few lines posted on Truth Social to derail a stock market session that was otherwise calm. Donald Trump, true to his strategy of dramatic moves, announced the implementation of 50% tariffs on all products imported from the European Union, starting June 1st. Within minutes, the markets dropped. And BTC , often the first to move during times of uncertainty, plunged below 108,000 dollars. Before this warning shot, Bitcoin was moving quietly above 111,000 dollars . Then, in a matter of moments, the tide turned. -3% right after the announcement, a clear drop but without excessive panic. This type of movement is not uncommon in the crypto market, which is used to shocks. What is surprising is the speed at which the information spreads and traders react: Bitcoin is now at the core of global macroeconomic reactions. We saw it again on May 23rd: Bitcoin is not an asset isolated from the rest of the world. On the contrary, it acts as an ultra-sensitive sensor of economic and political upheavals. The reaction to Trump’s announcement is not a sign of weakness but of connectivity. In an interconnected world, Bitcoin responds faster than any other asset to systemic tensions. Unlike traditional markets, weighed down by slow regulations and heavy political decisions, Bitcoin remains nimble. It is precisely this responsiveness that attracts investors. Yes, it is volatile. But in a context where fiat currencies are subject to the whims of governments, this volatility becomes a price to pay for total sovereignty. The observed drop lasted only a few hours. Already, at the time of writing, the price is rising again, a sign that selling pressure was primarily technical and emotional. Nothing in the fundamentals has changed: supply is limited, overall demand remains high, and institutional interest continues to grow. In this sense, this sudden drop is not a rejection. It acts as a stress test: Bitcoin demonstrates that it reacts quickly, adapts, and above all, remains at the center of global economic debates. Where other assets collapse in the shadows, Bitcoin falls… then bounces back setting a new record in surprising calm , in full view of all.

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European investors didn’t blink when Trump declared he was “recommending” a 50% tariff on every single import coming from the European Union, a threat he dropped Friday on Truth Social, right before US and EU officials were set to meet. The Stoxx Europe 600 index closed down just 1%, shaking off the news like a mild cold. That’s a soft reaction compared to the sharp losses—between 2.5% and 5%—markets suffered back in April when Trump posted similar threats during what he called “Liberation Day.” According to CNBC, most analysts think this latest escalation isn’t a policy ready to launch, but a negotiating bomb designed to scare Brussels into giving Washington more ground in upcoming talks. The language Trump used and the timing of his post both fueled that theory. He didn’t say the US would impose the tariff. He said he was recommending it. There’s a difference, and Ajay Rajadhyaksha, global chair of research at Barclays, pointed it out. “We believe that this morning’s social media posts about a 50% tariff on the EU are primarily a negotiating tactic,” Ajay wrote to clients. He also said “we are guessing here—as is everyone else—but we remain of the belief that the 50% tariff on all EU goods on June 1 won’t actually go ahead.” Even so, Ajay admitted the final number could still surprise markets. He had earlier forecasted 14% to 17% average tariffs. Now, he says that was probably too low. “The EU will not end up with 50%, we think, but it now seems the continent could end up with (say) 20%,” he said. Andrew Kenningham, chief Europe economist at Capital Economics, said something similar. He called the 50% tariff “very unlikely to be where tariffs settle over the long run,” and made it clear the risk wasn’t zero. Andrew warned that if the full tariff ever happened, Germany’s GDP could shrink by 1.7% in just three years. And if the tax hit the pharmaceutical sector, Ireland might be worse off. He still expects tariffs to land around 10%, but said the road to a final deal “could be rocky.” The math on the US side is just as bad. The United States brought in $606 billion in European goods last year. If Trump hit all of it with a 50% tax, the direct cost would land at $300 billion. Ajay ran the numbers and said that about 60% of the cost would fall on US buyers. That’s $180 billion that American consumers, not European firms, would pay. Ajay pointed to the 2018 trade war with China. “The US arguably saw this coming in the case of China and decided that it was too high a price to pay,” he said. “We think it unlikely that the US will be willing to risk a repeat, and this time with its largest trading partner.” Europe isn’t just standing around. Inga Fechner, senior economist at ING, said the EU has already drafted retaliatory tariffs , and they’re scheduled to hit on July 14 if the White House pushes forward. Inga called Trump’s play “a prelude to negotiation,” similar to how he acted before announcing a short-lived deal with China earlier in May. But if talks collapse, Brussels has more than just tariffs ready. Inga warned the EU might tighten regulations on US tech, stall new licenses, block public procurement, and limit investment and IP access using the Anti-Coercion Instrument. And she said if Trump follows through, it could drag the eurozone’s GDP down by 0.6 percentage points, enough to push the bloc close to recession. Salomon Fiedler, an economist with Berenberg, said both sides would take heavy hits if the 50% tariff becomes real. He also said the added cost pressure could extend high interest rates in the US, because the Federal Reserve might delay any cuts. “Given the damage the US would do to itself with this tariff, he will probably not follow through,” Salomon added. But he said the threat itself was enough to lock in Trump’s 10% baseline tariff, which he’d already slapped on almost every trade partner. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

A high-dollar gathering at President Donald Trump’s Virginia golf club has ignited a storm of ethical debates, blending crypto spectacle with accusations of constitutional overreach. The Thursday dinner, reserved for the top 220 holders of the head of state’s TRUMP meme coin, attracted billionaires, celebrities, and a cascade of legal threats, with critics calling it a gateway for foreign influence peddling. Entry to the event required holding TRUMP tokens, and reports indicate that attendees collectively spent as much as $394 million on the meme coin to sit at the president’s table. The gathering included crypto elites such as Tron founder Justin Sun, who is also an investor in the Trump family’s World Liberty Financial project. The businessman, who topped a publicly posted leaderboard with a $18.5 million stash, flaunted clips of himself at the event, even claiming he had received a Trump Golden Tourbillon watch from the president. This raised eyebrows, given that the SEC is investigating him over allegations of fraud, although the matter was paused abruptly in February. While former NBA star Lamar Odom made no secret of his presence at the Trump National Golf Club, most attendees remained anonymous, using nicknames on the leaderboard. Protestors reportedly lined up at the venue’s entrance, waving signs that read “Crypto corruption” and “America is not for sale.” Blockchain data shared by Bloomberg shows that more than half of the guests likely live outside the United States, with many buying their tokens from offshore crypto exchanges that claim to exclude American users. This detail alone raised concerns that foreign actors could exploit crypto to circumvent U.S. campaign finance laws. In response, 35 members of Congress have signed a letter calling for an investigation by the Department of Justice, citing possible violations of the emoluments clause in the Constitution. Meanwhile, Representative Maxine Waters has rolled out the “Stop TRUMP in Crypto Act,” which aims to bar officials from profiting from digital assets. Massachusetts senator and renowned crypto critic Elizabeth Warren didn’t mince words either, calling the dinner an “orgy of corruption” at a Thursday press conference . Fellow lawmaker Richard Blumenthal claimed it put a “for sale” sign on the White House. Both called for transparency on who attended the event and how access was monetized through the TRUMP token’s structure, with on-chain records indicating that the top 25 investors alone bought at least $111 million worth of the meme cryptocurrency. Despite claims from the White House that Trump attended in a personal capacity, reports indicate that the president delivered brief remarks behind a lectern bearing the seal of his office. He is said to have made no new crypto policy announcements, instead reiterating support for a national Bitcoin (BTC) reserve , before promptly jumping on his helicopter and flying out of the venue. The ensuing criticism doesn’t seem to have bothered the commander-in-chief, with the politician posting on his official Truth Social account, “The U.S.A. is DOMINATING in Crypto, Bitcoin, etc., and we are going to keep it that way!”