US Supreme Court Tariff Ruling Sparks Brief Bitcoin Rally as Trade Deals Loom
The US Supreme Court struck down key Trump-era tariffs in a 6–3 ruling, invalidating the 10% “Independence Day” tariff and several reciprocal duties under the International Emergency Economic Powers Act (IEEPA). The decision, which could expose more than $175 billion in collected duties to potential reimbursement, briefly pushed Bitcoin (BTC) up to about $68,200 before it retreated to near $67,100 within minutes. The court left some tariffs intact, including steel and aluminum measures under Section 232. Earlier the same day, the US signed a bilateral trade deal with Indonesia cutting Indonesian tariffs from 32% to 19% while Indonesia agreed to remove tariffs on 99% of US goods. India also signaled a provisional deal that would lower tariffs from 25% to 18% and include $500 billion in US purchases over five years. Markets reacted with a quick, news-driven spike in risk assets and higher BTC trading volumes; $68,000 emerged as near-term resistance while $66,000–$66,200 is acting as short-term support. For traders: expect headline-driven intraday volatility—brief spikes that often fail to hold—rather than sustained directional moves until macro policy clarity arrives. Primary keywords: Bitcoin, Supreme Court ruling, tariffs, US trade deals. Secondary keywords: market volatility, BTC resistance, trade policy, Indonesia, India.
Neutral
The ruling produced a fast, measurable but short-lived BTC price spike tied to headline risk rather than a structural market catalyst. Legal invalidation of major tariffs increases macro uncertainty and could have medium-term economic implications, but immediate market reaction was transient: BTC spiked to ~$68,200 then fell below $67,100 within minutes. Concurrent trade agreements with Indonesia and likely India are bullish for global trade flows but do not directly change crypto fundamentals. Technical levels identified ($68,000 resistance; $66,000–$66,200 support) suggest traders will see quick intraday moves and range trading until policy clarity emerges. Historical parallels: macro headlines (Fed decisions, tariff announcements, major court rulings) often trigger short-lived volatility and volume surges without establishing new trends—similar to past tariff or geopolitical headlines where BTC gaps retraced quickly. Therefore the net effect is neutral: heightened volatility and trading opportunity in the short term, but no clear directional bias for the medium-to-long term absent further policy or macro developments.