Asset briefly touches $68,200 following 6-3 ruling, though gains prove fleeting as market digests legal and fiscal implications.
Bitcoin climbed above $68,000 on February 20 after the U.S. Supreme Court struck down President Donald Trump’s sweeping global tariffs, ruling 6-3 that the administration exceeded its authority under federal emergency powers law. The asset briefly touched $68,200 within minutes of the decision before retreating toward $67,500, reflecting a familiar pattern of headline-driven moves that have struggled to hold in recent months .
The Supreme Court’s majority opinion, authored by Chief Justice John Roberts, found that Trump overstepped by using the International Emergency Economic Powers Act (IEEPA) to impose duties ranging from 10% to 50% on imports from most major trading partners. “The Framers did not vest any part of the taxing power in the Executive Branch,” Roberts wrote, noting that no previous president had used the statute to impose tariffs “of this magnitude and scope” .
The ruling applies to tariffs on goods from Canada, Mexico, and China, while also calling into question portions of targeted duties affecting Brazil and India. The court did not specify whether importers can seek reimbursement for the approximately $133 billion in tariff revenue already collected, leaving that question to lower courts. If full compensation is ultimately allowed, total payouts could reach as high as $170 billion, according to estimates cited by Bloomberg .
President Trump called the decision “absurd” and announced plans to sign a new document introducing a 10% global tariff under Section 122, effective in three days, alongside a series of investigations into unfair trade practices .
Market reaction extended beyond Bitcoin. The broad-market CoinDesk 20 Index gained 2.5% over 24 hours, with altcoins including BNB, Dogecoin, Cardano, and Solana posting 3%-4% advances. Crypto-linked stocks also moved higher, with Coinbase (COIN), Circle (CRCL), and Strategy (MSTR) rising more than 2% .
21Shares head of macro research Steven Coltman told The Block that the court’s tariff-unfriendly decision could potentially weigh on Treasuries and the dollar while supporting stocks and cryptocurrencies. VanEck head of research Matthew Sigel echoed similar logic, linking reduced tariff revenue to risks of “accelerated money printing and currency debasement” .
Goldman Sachs noted that the Supreme Court’s decision alone does not end tariff policy, as the administration may pursue alternative legal mechanisms to impose restrictions. Trading firm Wincent observed that while risk assets saw a small rally, volumes remain muted, with prices likely to maintain range-bound trading barring additional macro or geopolitical shocks .
The Fear and Greed Index fell to 8 points on February 21, signaling “extreme fear” despite the price move, indicating that market sentiment remains cautious .
Why this matters: The ruling fundamentally alters the regulatory structure governing U.S. trade policy by reasserting congressional authority over tariff imposition, removing a macroeconomic anchor that has weighed on risk assets since April 2025. From a market structure perspective, the decision introduces two competing effects: near-term uncertainty around potential refund obligations exceeding $100 billion, and longer-term potential support for Bitcoin if reduced tariff revenues contribute to dollar debasement concerns or if the removal of trade barriers improves the liquidity environment for risk assets.
Source: Incrypted