U.S. Supreme Court Rules Trump Tariffs as 'Exceeding Authority', Bitcoin Rebounds to $68,000

On February 20th, the U.S. Supreme Court ruled that the broad tariff regime introduced by President Donald Trump under the International Emergency Economic Powers Act (IEEPA) exceeded the powers granted to the presidency, thus deeming it unconstitutional and invalid.

The market, interpreting this judicial decision as a resolution of trade uncertainties, momentarily adopted a risk-on attitude, causing Bitcoin to surge about 2% immediately after the verdict, reaching as high as $68,200. However, it was subsequently pushed back to the $67,000 range due to profit-taking sell-offs.

The Supreme Court justices voted 6-3, stating that imposing tariffs, effectively a 'tax increase', without explicit Congressional approval is unconstitutional...