The U.S. Supreme Court has ruled 6-3 against President Trump's expansive "Liberation Day" tariffs, determining they exceeded his authority under the International Emergency Economic Powers Act. Chief Justice Roberts cited a lack of historical precedent for such a broad executive expansion of tariff policy. In response, Trump announced a new 15% global tariff under a different legal framework, the Trade Act of 1974.
Initially, Bitcoin saw a brief dip to $66,900 following the ruling, before climbing to nearly $67,800. However, markets experienced a significant selloff Sunday night, with Bitcoin falling as low as $64,000, Ethereum dropping below $1,900, and Solana below $80. Stock futures also opened lower. Analysts suggest the ruling's immediate impact on crypto was limited as markets had largely priced in the outcome. The longer-term implications hinge on potential shifts in inflation expectations, Federal Reserve policy, and the U.S. dollar's strength, with some viewing these as bullish for Bitcoin's role as a monetary hedge. A potential political shift impacting crypto policy also remains a consideration.
In broader market news, crypto majors are showing recovery after the weekend's selloff. Bitcoin is trading around $66,400, Ethereum near $1,920, and Solana at $80. Over $400 million in long positions were liquidated during the recent price crash. Tether's USDT circulating supply has decreased by approximately $1.5 billion in February, down nearly $4 billion from its recent peak. Bitcoin ETFs experienced net outflows of around $300 million last week, while Ethereum ETFs saw outflows of $113 million.
Ethereum's upcoming Hegota upgrade will feature FOCIL (EIP-7805), designed to make the network censorship-resistant by mandating the inclusion of all valid transactions. Separately, BGD Labs, developers of Aave's smart contracts, is reportedly departing the Aave DAO. In the NFT space, major collections showed mixed performance, with Punks trading at 29 ETH and Pudgy Penguins at 4.55 ETH. Moonbirds saw a 5% increase.