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As has been common in recent crypto markets, even a slight upward movement was quickly met with selling pressure.
Donald Trump points at the audience during a press conference at the White House.
What to know:
- The U.S. Supreme Court annulled President Trump’s tariffs.
- This news momentarily propelled bitcoin up by approximately 2% to exceed $68,000, but the increase was short-lived, with BTC swiftly dropping back to around $67,000.
- Earlier on Friday, U.S. economic data indicated slower growth than expected alongside higher inflation than desired.
The U.S. Supreme Court on Friday annulled President Trump’s tariff policy in a decision of 6-3.
"No President has used the statute to impose any tariffs, especially tariffs of this size and scope," stated the court ruling.
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"That ‘lack of historical precedent,’ in combination with the ‘breadth of authority’ that the President currently claims, indicates that the tariffs go beyond the President’s ‘legitimate reach.’"
Bitcoin reacted quickly to the news, climbing nearly 2% to surpass the $68,000 threshold. However, as has been the trend in the crypto space recently, this gain was reversed shortly thereafter, settling just below $67,000 at this time.
The temporary nature of crypto’s gains contrasted with what appears to be more sustained growth in stocks, as the Nasdaq increased by 0.6%, reaching a session high.
Stagflationary data
Earlier on Friday, a set of U.S. economic reports revealed signs of stagflationary trends. The U.S. economy expanded by only 1.4% in the last quarter of 2025, as reported by the Commerce Department. Meanwhile, core personal consumer expenditure prices increased by 3% year-over-year, exceeding the target of 2.9% and rising from 2.8% previously.
On an annual basis, the economy grew 2.2%, marking the slowest growth rate since the year of COVID in 2020.
"Today’s economic data presented a complicated message of both unexpected inflation and slower growth than anticipated," stated Art Hogan, chief market strategist at B. Riley Wealth. "The ambiguous message from today’s figures reinforces the current Federal Reserve’s inclination to approach monetary policy cautiously."
