Trump tariffs take a shocking legal turn again originally appeared on TheStreet .
The cryptocurrency markets are continuing to fall as the White House has decided to pursue the tariff block in the Supreme Court. President Trump could now ask the Supreme Court as early as Friday to suspend a lower court's ruling against his tariffs.
Bitcoin is down 3.7% in the last 7 days, while altcoins such as Cardano and Dogecoin have fallen over 8% and continue to signal strong bearish sentiment across the board.
At press time, Kraken's feed shows Bitcoin was trading at $106,924.33 , down from its 24-hour high of $108,910.05.
Similarly, Ethereum, which is trading at $2,648.59 and has been up by 0.39% in 24 hours, took a dip of 0.42%, indicating markets are uncertain about the trade war.
Trump's aides denounced that federal trade judges were acting beyond their jurisdiction, and the administration requested a stay pending their appeal.
As reported earlier, the district court ruled against Trump for using his emergency powers to impose tariffs without congressional consent.
As per CNBC , Trump's legal counsel is not only appealing the decision but has also requested that the enforcement of the ruling be paused while the case continues to unfold.
Even if the Supreme Court does not take immediate action, Trump may seek to pursue alternative legal avenues to reclaim tariff authority—possibly through new emergency measures or executive action that bypasses Congress.
Interestingly, on Bloomberg TV Thursday, top trade advisor Peter Navarro called the court “globalist” and “pro-importer” and biased against the administration's tariff policies.
Markets have shown they do not appreciate this uncertainty.
Analysts are 'uncertain'
Analysts argue that Bitcoin might have stimulated the larger market surge over the last couple of weeks due to higher worries about sovereign debt and geopolitical risk, however, the momentum has run out.
Nick Puckrin, who is an investor and founder of The Coin Bureau, said,
"And the Fed, yesterday, released its latest FOMC meeting minutes that highlighted concerns that inflation might rise at the same time as unemployment, threatening economic stability. It’s also worried about the impact of tariffs, so theoretically, removing those should clarify things, but no one believes the whole tariffs kerfuffle is over. t’s likely that Bitcoin front-ran stocks over the last couple of weeks, fuelled by the sovereign risk fears. Now, crypto investors have turned their attention to monetary policy, and it’s not looking good.
Trump tariffs take a shocking legal turn again first appeared on TheStreet on May 29, 2025
This story was originally reported by TheStreet on May 29, 2025, where it first appeared.