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Trump tariffs declared illegal: Crypto markets show first price gains!
US court declares Trump's tariffs illegal, which has a positive impact on Bitcoin and Ethereum prices. Market remains volatile.
Trump tariffs declared illegal: Crypto markets show first price gains!
A US court has declared the tariffs imposed by Donald Trump unlawful, resulting in a positive impact on financial markets, particularly cryptocurrency markets. According to a report by it-boltwise Bitcoin and Ethereum are already showing their first price gains. Bitcoin is currently trading between $106,000 and $110,000, while Ethereum is trading at around $2,729, with bulls attempting to break above $3,000.
This legal decision comes in a tense geopolitical environment that continues to be characterized by uncertainty in Europe and the Middle East. However, large investors holding between 1,000 and 10,000 BTC are showing increasing confidence in the market. Ethereum spot trading is also cooling off a bit while futures contracts remain stable. Technical indicators point to possible short-term price gains.
Market development and price movements
In the financial market, S&P futures are up 1.55%, Dow futures are up 1.12% and Nasdaq futures are up almost 2%. Nevertheless, traders should be cautious as the MACD indicator shows a sell signal and the RSI suggests increasing selling pressure. Resistance at $110,000 could reignite interest in Bitcoin. Key resistance levels for Bitcoin are $115,000 and $120,000.
However, given market developments, investors also need to keep an eye on the risks. Uncertainty in the market has increased and Bitcoin temporarily fell below the $105,000 mark, resulting in the test of support at $104,600. This caused the global crypto market cap to fall by 2.56% to $3.35 trillion. Despite the price fluctuations, the “Fear & Greed Index” signals investor sentiment at 61, which is in the “greed” zone.
Volatility remains
The situation could worsen further in the coming days as the Federal Court of Appeal has temporarily suspended the lower court's decision. This means Trump's tariffs will remain in effect for the time being. This could affect Bitcoin price action if it falls below the key support at $103,600, which could lead to further losses towards $102,500 and $100,750.
Ethereum has also seen declines in recent days, only rising to $2,626. Altcoins such as Solana and XRP have also pulled back from their highs, while Dogecoin is losing steam again after rising over 17% the previous week. With a value of 21/100 in the Altcoin Season Index, Bitcoin still remains the dominant player in the market.
Given these developments, a volatile market period is expected in the next few days, especially in view of the legal changes in US trade policy. It remains to be seen how the market will adapt to these uncertainties.