Crypto Markets Tick Up Following Supreme Court Tariff Ruling

Crypto markets traded slightly higher on Friday, Feb. 20, as traders reacted to the U.S. Supreme Court ruling that struck down President Donald Trump’s emergency tariffs.

Bitcoin (BTC) is trading at $67,728, up 1.2% over the past 24 hours, while Ethereum (ETH) is at $1,970, up 1.5%. Other large-cap tokens were also mostly higher, with XRP up 1.5% to $1.43, BNB rising 3.2% to $625, and Solana (SOL) gaining 4% to $85.

Meanwhile, the total cryptocurrency market capitalization is hovering near $2.4 trillion, up 1.3% on the day. Daily trading volume stood at around $114.5 billion, according to CoinGecko.

Among top gainers, Morpho (MORPHO) climbed 11%, Ethereum Classic (ETC) rose 5.3%, and Official Trump (TRUMP) added about 5%. On the downside, Aave (AAVE) fell roughly 4.6%, Pi Network (PI) dropped about 3%, and Rain (RAIN) slipped around 2%.

Liquidations and ETF Flows

About $180 million in leveraged crypto positions were liquidated in the past 24 hours, according to CoinGlass. Long liquidations accounted for roughly $71.9 million, while shorts made up about $108 million.

Bitcoin led liquidations with $67.9 million, followed by Ethereum at around $38.3 million. More than 78,600 traders were liquidated during the period.

In the ETF space, Bitcoin spot ETFs recorded $165.76 million in outflows, while Ethereum spot ETFs experienced $130 million in outflows. In contrast, XRP spot ETFs recorded around $4 million in inflows, while Solana spot ETFs posted $5.94 million in inflows, per SoSoValue data.

Supreme Court Strikes Down Tariffs

The market uptick came amid intensifying macroeconomic uncertainty after President Donald Trump announced plans to impose a 10% global tariff. Trump’s announcement immediately followed a Supreme Court ruling that deemed his emergency tariffs illegal.

Notably, President Trump’s new tariffs could only take effect for up to 150 days unless Congress approves an extension, CNN reported.

Investors also reacted to increased geopolitical tensions after Trump said he is considering a limited military strike on Iran if nuclear negotiations do not progress soon.

In traditional markets, safe-haven assets have continued to hold steady. Gold traded at $5,092, up 1.46%, while silver climbed 6% to $84.

Meanwhile, Paul Howard, Senior Director, Wincent, said in comments shared with The Defiant that there has been a “mix of developments” over the past two days impacting price action independently of larger macro trends.

“These include speculation around the U.S. stablecoin bill, the launch of a SUI ETF on Nasdaq, and several DATs marking down their books,” Howard said. “Given the noticeable thinning of liquidity over the past month, volatility risk is currently elevated relative to levels observed over the past 12 months.”