Bitcoin experienced a slight decline on Saturday, trading at $68,000, following U.S. President Donald Trump”s announcement of an increase in global tariffs to 15 percent from a previous rate of 10 percent. This decision comes in the wake of a U.S. Supreme Court ruling that deemed his earlier tariff actions under the International Emergency Economic Powers Act (IEEPA) invalid.
In a post on Truth Social, Trump labeled the court”s ruling as “anti-American” and stated that the new tariff would take effect immediately. He mentioned that the Trump Administration would review and establish new tariffs that comply with legal standards in the coming months.
Following Trump”s announcement, the price of Bitcoin initially saw a brief uptick of approximately 0.5 percent before reversing course and ultimately losing nearly 1 percent of its value. In addition, Ether also experienced a decline, dropping by 0.45 percent to $1,980.
This tariff hike comes shortly after the Supreme Court ruled that Trump lacked the authority to impose tariffs in the manner he had previously attempted earlier this year. In response to that ruling, Trump had initially announced a 10 percent global tariff, which has now escalated to 15 percent.
The ongoing volatility in the cryptocurrency market reflects the broader economic uncertainties tied to international trade policies. As global markets react to changes in tariffs, traders and investors in the cryptocurrency space will need to stay vigilant about how these developments may further influence market dynamics.
Overall, the situation underscores the interconnectedness of traditional financial policies and the cryptocurrency ecosystem, revealing how external economic factors can impact digital asset prices.
