SKN | Bitcoin Slips Below $60,000 After Trump Raises Global Tariffs to 15% Despite Supreme Court Ruling

Bitcoin retreated sharply after former U.S. President Donald Trump announced an increase in proposed worldwide tariffs to 15% from 10%, even as a recent Supreme Court decision had created uncertainty around executive trade authority. The move injected fresh volatility into global risk markets, pressuring equities, commodities, and digital assets amid renewed inflation and trade-war concerns.

The tariff escalation reintroduced macro risk into a crypto market that had been stabilizing near multi-week highs, reinforcing Bitcoin’s sensitivity to global liquidity and geopolitical policy shocks.

Market Reaction Across Crypto and Risk Assets

Bitcoin (BTC) fell approximately 3%–5% intraday, sliding from near $61,500 to briefly test levels below $59,000, while total crypto market capitalization declined by roughly $60 billion. Trading volumes surged more than 25% above the 7-day average, reflecting accelerated repositioning across spot and derivatives markets.

U.S. equity futures also turned lower, with the S&P 500 and Nasdaq futures each declining over 1% in early trading. The correlation between Bitcoin and tech-heavy indices remained elevated, suggesting that macro-driven de-risking continues to dominate short-term crypto flows. For institutional desks, the episode underscores Bitcoin’s ongoing classification as a liquidity-sensitive risk asset rather than a short-term safe haven.

Macro and Policy Implications

The tariff hike to 15% signals potential upward pressure on import prices, with economists estimating that broad tariff increases could add between 0.3% and 0.6% to U.S. inflation over a 12-month horizon. Renewed inflation risk complicates the Federal Reserve’s rate trajectory, particularly if policymakers were anticipating easing conditions later this year.

Despite the Supreme Court decision that cast uncertainty over executive authority in trade matters, markets reacted to the headline risk rather than legal technicalities. For crypto investors, the key transmission channel remains interest rate expectations. Higher inflation expectations typically reinforce higher-for-longer rate scenarios, strengthening the U.S. dollar and pressuring alternative assets, including digital tokens.

Investor Sentiment and Positioning Dynamics

On derivatives exchanges, funding rates turned marginally negative, indicating a short-term tilt toward downside hedging. Open interest declined modestly, suggesting some long liquidation rather than aggressive new short buildup. The Crypto Fear & Greed Index moved toward the neutral zone after registering “greed” levels earlier in the week.

Behaviorally, tariff escalation revives memories of prior trade-war cycles, during which Bitcoin initially traded in line with equities before diverging as liquidity conditions stabilized. Institutional investors are likely reassessing exposure through a macro lens, balancing geopolitical uncertainty against structural demand drivers such as ETF flows and on-chain accumulation trends.

Looking ahead, Bitcoin’s trajectory will hinge on whether tariff rhetoric translates into sustained trade friction and inflationary pressure or remains a political signaling mechanism. Market participants will monitor Treasury yields, Federal Reserve guidance, and cross-asset volatility metrics for confirmation of broader risk repricing. If macro uncertainty intensifies, short-term volatility could persist; however, stabilization in rate expectations may provide a clearer framework for digital asset allocation decisions in the weeks ahead.