Crypto Markets Edge Higher After Supreme Court Blocks Trump’s Emergency Tariffs
Bitcoin hovers close to $68 k as traders weigh the impact of a U.S. Supreme Court decision and newly‑announced 10 % global tariff plan.
Market snapshot – Friday, Feb 20
| Asset | Price (USD) | 24‑h change |
|---|---|---|
| Bitcoin (BTC) | ~ $67,730 | +1.2 % |
| Ethereum (ETH) | ~ $1,970 | +1.5 % |
| BNB | ~ $625 | +3.2 % |
| XRP | ~ $1.43 | +1.5 % |
| Solana (SOL) | ~ $85 | +4.0 % |
Aggregate market capitalization stayed close to $2.4 trillion, reflecting a 1.3 % rise on the day, while daily on‑chain trading volume settled around $114.5 billion according to CoinGecko.
Notable movers
- Morpho (MORPHO) surged roughly 11 %.
- Ethereum Classic (ETC) posted a 5.3 % gain.
- Official Trump (TRUMP) token added about 5 %.
- On the downside, Aave (AAVE) slipped near 4.6 %, Pi Network (PI) fell 3 %, and Rain (RAIN) dropped about 2 %.
Leverage activity
CoinGlass reported that leveraged positions worth roughly $180 million were liquidated in the last 24 hours. Short positions accounted for the majority of the wipe‑outs ($108 million), with long positions contributing $71.9 million. Bitcoin led the liquidation tally with $67.9 million, followed by Ethereum at $38.3 million. Over 78,600 accounts were forced to close positions during the period.
ETF flows
Spot‑ETF data from SoSoValue showed a mixed picture:
| ETF | Net flow (USD) |
|---|---|
| Bitcoin spot | –$165.8 M |
| Ethereum spot | –$130 M |
| XRP spot | +$4 M |
| Solana spot | +$5.9 M |
The outflows from the two largest crypto‑ETF products suggest investors are reallocating capital amid the heightened macro uncertainty.
The Supreme Court decision and its macro backdrop
The uptick in crypto prices came after the U.S. Supreme Court invalidated President Donald Trump’s emergency tariff regime, ruling the measure unlawful. The decision arrived just as the president announced a new 10 % tariff that would apply globally for up to 150 days unless Congress extends it, per CNN reporting.
The tariff announcement, coupled with Trump’s remarks about a possible limited strike on Iran should nuclear talks stall, has amplified geopolitical risk. In traditional markets, classic safe‑haven assets have risen: gold is trading a little over $5,090 per ounce (+1.5 %) and silver has gained about 6 % to $84 per ounce.
Expert perspective
Paul Howard, Senior Director at Wincent, noted to The Defiant that the recent price moves are the result of a “mix of developments” rather than a single macro driver. He referenced ongoing speculation around the U.S. stablecoin legislation, the debut of a SUI‑focused ETF on Nasdaq, and accounting adjustments by several Digital Asset Trusts (DATs). Howard also warned that liquidity has thinned over the past month, leaving the market more susceptible to volatility than in the previous year.
Analysis & Takeaways
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Positive sentiment, but fragile – The modest gains across major tokens indicate that the market welcomed the Supreme Court ruling, which removes a layer of regulatory risk. However, the concurrent emergence of a 10 % global tariff and rising geopolitical tension keep the broader risk environment elevated.
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Liquidity constraints – The reported decline in market depth over the last 30 days means price swings could become more pronounced if sudden shocks (e.g., further policy announcements or macro data) hit the market.
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ETF outflows signal caution – Large outflows from Bitcoin and Ethereum spot ETFs suggest that institutional or retail investors with exposure via regulated products are temporarily pulling back, possibly to re‑position amid the policy uncertainty.
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Sector rotation – Smaller‑cap tokens such as MORPHO and ETH Classic posted outsized gains, while established DeFi and lending platforms like Aave saw modest declines, hinting at a short‑term rotation toward risk‑on assets within the crypto space.
- Geopolitical risk premium – With the administration hinting at a limited military option against Iran, investors may be pricing in a risk premium that could spill over into crypto, especially if sanctions or trade disruptions affect blockchain‑related businesses.
Outlook
If the Supreme Court’s decision holds and the new tariff plan faces congressional hurdles, crypto markets could consolidate the modest gains observed this week. Conversely, an aggressive implementation of the 10 % tariff or escalation of U.S.–Iran tensions could re‑ignite risk‑off sentiment, pulling capital back into traditional safe‑haven assets and prompting further ETF outflows. Market participants should monitor legislative developments on stablecoins and any refinements to the DAT reporting framework, as these factors are likely to shape liquidity and price dynamics in the near term.
Source: https://thedefiant.io/news/markets/crypto-markets-tick-up-following-supreme-court-tariff-ruling
