Bitcoin experienced a price increase Friday following a Supreme Court decision that largely invalidated President Donald Trump’s tariffs, deeming them an overreach of executive authority under the International Emergency Economic Powers Act.
The digital asset traded near $67,271, up 1% in 24 hours. Bitcoin saw an initial dip to $66,900 upon the ruling's release before recovering. The Supreme Court’s 6-3 decision found that the administration's interpretation of the IEEPA would have significantly expanded presidential power over tariff policy.
This ruling arrives amidst ongoing global trade uncertainties. Concerns over tariffs have previously impacted markets, influencing Bitcoin’s price trajectory. Gold prices also saw a modest rise, trading at $5,090 per ounce. Justice Brett Kavanaugh noted in his dissent that potential refunds of collected tariff revenue could present a complex challenge.