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.

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.

U.S. President Donald Trump threatened a 50% tariff on all European Union imports and a 25% levy on imported Apple iPhones late Friday, sending markets tumbling.