Bitcoin has extended its decline today, falling below the psychological $90,000 price level. This development comes amid the Supreme Court’s delay in issuing its ruling in the Trump tariffs case, further creating uncertainty about when these justices will finally rule.
Bitcoin Falls Below $90,000 Amid Delay Of Trump Tariffs Ruling
TradingView data shows that the flagship crypto fell below $90,000 today, hitting a low of $89,800. BTC is down over 2% on the day, having dropped from an intraday high of around $93,000.
The Bitcoin crash below $90,000 came amid the Supreme Court’s decision not to rule on the Trump tariffs today. As CoinGape reported, the court had set today as an opinion day, which led to anticipation that it could rule on the tariffs case today.
However, that didn’t happen even as the Supreme Court issued opinions in three cases, none of which was the Trump tariffs case. The delay in ruling on this tariffs case has further cast doubt on whether these justices will indeed rule on the president’s authority to impose these tariffs.
Furthermore, the delay also comes amid Trump’s tariff pressure, with the U.S. planning to impose 10% tariffs on France, Germany, the U.K., the Netherlands, Denmark, Norway, Finland, and Sweden, starting from February 1. A ruling in favor of the Trump tariffs would allow them to proceed as planned, which is bearish for Bitcoin and the broader crypto market.
Bitcoin is also selling off today amid fears of a potential rate hike in Japan. As CoinGape reported, the Bank of Japan (BOJ) has hinted at further rate hikes following its last hike last month. This is bearish as it could further collapse the Yen carry trade, sparking a sell-off in major assets, including BTC.
It is worth noting that there are already market jitters in Japan over the rise in Japanese bond yields. This follows the Prime Minister Sanae Takaichi’s announcement of a snap election as she seeks to increase fiscal spending.
Odds Of A Supreme Court Ruling In Favor Of Trump’s Tariffs Rise
Polymarket data shows a 37% chance that the Supreme Court will rule in favor of the Trump tariffs. This represents a significant increase from about 28% earlier today. These odds have continued to rise since the first delay in the ruling on the tariffs case.
It is worth noting that the Trump tariffs had contributed to the significant decline in Bitcoin’s price and the broader crypto market towards the end of last year. The infamous October 10 crypto crash occurred following Trump’s threat to impose a 100% tariff on Chinese goods.
This development also comes at a time when analysts such as Peter Brandt are predicting lower BTC prices. As CoinGape reported, Brandt predicted a BTC crash to between $58,000 and $62,000.
Amid the BTC crash below $90,000, crypto traders have pared their bets on a potential rally to $100,000. There is now only a 12% chance that Bitcoin hits this psychological level before the end of this month, according to Polymarket data.