The cryptocurrency has been on a months-long tear thanks to the pro-crypto Trump administration and April's tariff chaos.

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.