Crypto Market Rebounds Following SCOTUS Ruling on Tariffs

The crypto market has been experiencing a mix of volatility and unpredictability lately. However, on Friday, it staged a cautious recovery after the US Supreme Court made a landmark ruling against Donald Trump's tariffs.

According to reports, the majority of the court, led by Chief Justice John Roberts, concluded that Trump had overstepped his authority in issuing tariffs using emergency powers. The decision was met with a dissenting opinion from Justices Clarence Thomas, Brett Kavanaugh, and Samuel Alito.

The ruling had an immediate impact on the crypto market, with Bitcoin (BTC) rising to $68,200 and the overall market capitalization increasing by nearly 1% to over $2.3 trillion. Other tokens also experienced a modest surge, with some notable gainers including Kite, Morpho, LayerZero, and Render, which rose by over 6%.

While this recovery may be short-lived, concerns persist about the potential impact of other tariff-related tools that Trump may utilize. Additionally, the likelihood of a war in Iran, which could have significant economic implications, is also being scrutinized. The Polymarket odds of an attack on Iran have jumped in recent days, and such an event would likely lead to higher inflation and make it challenging for the Federal Reserve to cut interest rates.