Bitcoin climbed back above $94,000 on Tuesday as traders priced political risk tied to Trump tariffs. The move came ahead of a U.S. Supreme Court ruling that could reshape the president’s authority on global trade duties.
Bitcoin Lifts Altcoins as Trump Tariffs Ruling Nears
The rebound of Bitcoin was followed by Altcoins. Ethereum increased 3.21% to reach $3,207, and XRP surged over $3.5% over the past day. The wider market followed BTC as it regained a loss over the weekend.
The Supreme Court is examining the legality and implications of the broadest tariffs by Trump. The case focuses on the imposition of worldwide responsibilities on trade partners by the president. As CoinGape reported earlier White House adviser Kevin Hassett said the administration has alternative options if the court rules against Trump tariffs.
The court heard arguments in early November. During the hearing, both conservative and liberal justices raised skeptical questions about the method used to impose the duties. That scrutiny has kept markets focused on the ruling’s potential fallout.
The court was expected to rule last week, but it delayed the decision. As CoinGape reported that the next opinion day would be Wednesday, Jan. 14. The timing has turned the ruling into a key short-term event for traders.
BTC Holds $94K as Trump Tariffs Decision Looms
Trump has cast this decision in especially high stakes. He has called the prospect of losing the ability to tariff other countries a “terrible blow” to the United States. Trump said a ruling against the country would be terrible.
U.S. Treasury Secretary Scott Bessent discussed the financial outcome of a potential loss. He asserted that the Treasury possesses sufficient funds to meet the expenses related to refunds in the event that the tariffs are invalidated.
The political uncertainty is being responded to by the crypto markets. According to Polymarket, this is only a 27% possibility that the Supreme Court will support the tariffs. It means that traders want the court to restrict the powers of Trump in terms of tariffs.
Source: PolymarketBitcoin recovered after a short dip earlier this week. BTC rebounded following weekend support at approximately $91,000. The recovery took the focus back to the above $94,000.
Market tone was also influenced by the data of inflation. U.S. Consumer Price Index data revealed that December inflation was steady at 2.7% as anticipated. Core CPI was also below the analysts expectations and this alleviated rate fears.
Source: https://coingape.com/bitcoin-rises-to-94k-as-trump-signals-alternatives-ahead-of-tariffs-ruling/
