Bitcoin, Ethereum Dip as Trump Tariffs Back on the Table
Bitcoin fell nearly 3% to a daily low under $106,000 as the U.S. appeals court reinstated President Trump's tariffs, creating market uncertainty. The Court of Appeals for the Federal Circuit temporarily stayed the earlier ruling by the Court of International Trade that deemed the tariffs unconstitutional. This legal uncertainty is affecting markets already facing inflation and geopolitical instability. Bitcoin remains up 11.5% over the past month, while Ethereum dropped 3.8% to $2,621. U.S. spot Bitcoin ETFs experienced significant outflows, totaling $347 million, marking the worst single-day exit since March. Only BlackRock’s IBIT saw inflows, adding $125 million. Analysts suggest that current market softness is due to policy risk and geopolitical tensions rather than a drop in demand, with expectations for recovery if trade tensions stabilize.
