Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitcoin remains unaffected by Trump’s latest tariffs, approaching $68,000 as alternative cryptocurrencies experience a slight recovery.
Cryptocurrency prices saw a slight increase on Friday despite a wave of tariff uncertainty following the U.S. Supreme Court’s decision deeming Trump’s tariffs unlawful.
Bitcoin (BTC) price (CoinDesk)
Key points:
- Bitcoin approached $68,000 on Friday, unaffected by a new 10% global tariff introduced by Trump following the Supreme Court’s ruling.
- The CoinDesk 20 Index increased by 2.5%, with BNB, DOGE, ADA, and SOL showing notable gains.
- One trader mentioned that prices are likely to remain rangebound unless there are significant macroeconomic disruptions.
Bitcoin navigated through a turbulent series of U.S. tariff discussions on Friday, edging closer to $68,000, while altcoins experienced modest rebounds.
The day commenced with the U.S. Supreme Court declaring President Donald Trump’s international tariff initiative illegal. The ruling did not specify the fate of previously collected tariff revenues and does not necessarily indicate the cessation of Trump’s trade policies, as several legal and executive options remain open.
STORY CONTINUES BELOWStay updated with the latest news.Subscribe to the Crypto Daybook Americas Newsletter today. Explore all newslettersSign me up
Related Posts
By midday, President Trump announced an additional global tariff of 10% to be implemented under Section 122 for approximately five months, with an effective date in three days.
This new tariff, added on top of existing ones, had little impact on market sentiment.
Risk assets, including cryptocurrencies, showed slight gains throughout the session. The broad-market CoinDesk 20 Index rose by 2.5% in the last 24 hours, with BNB, , and Solana (SOL) outperforming with increases of 3%-4%. Bitcoin was recently trading slightly below $68,000.
Simultaneously, the S&P 500 and Nasdaq 100 experienced increases of 0.9% and 0.7%, respectively. Among cryptocurrency-related stocks, Coinbase (COIN), stablecoin issuer Circle (CRCL), and bitcoin treasury firm Strategy (MSTR) saw rises of over 2%. Bitcoin mining companies associated with AI infrastructure projects underperformed, with Riot Platforms (RIOT), Cipher Mining (CIFR), IREN, and TeraWulf (WULF) declining by 3%-6%.
Cryptos expected to remain rangebound
"We have witnessed a minor rally for risk assets following tariff news, as it leads to a narrative suggesting tariffs are detrimental to the macro environment," stated Paul Howard, director at trading firm Wincent.
However, confidence remains low that prices will break out of their current tight range. "Volumes remain subdued, and we can anticipate cryptocurrencies to continue rangebound trading for the time being" unless there are any "macro or geopolitical shocks occurring," Howard noted.
A significant potential macro risk may involve Trump ordering military actions against Iran in the coming days, following the considerable military buildup in the area over recent weeks.
