Market Uncertainty and Bitcoin's Volatility
Tensions and uncertainties have reached unprecedented levels recently, leaving cryptocurrency investors understandably on edge. As the Bitcoin price fell to $90,000, compounded by the volatility in Japanese bonds, concerns mounted over the potential sale of U.S. bonds by its allies. In the midst of these developments, anticipation surrounded the Supreme Court’s tariff decision.
U.S. Supreme Court Tariff Decision and International Relations
For the past two weeks, the anticipated tariff decision had not materialized, but according to White House statements, it was expected to be announced today. The tension between the U.S. and EU escalated, with France indicating support for suspending the U.S.-EU trade agreement. Macron recently stated in Davos that he would not meet with Trump. The U.S. Commerce Secretary warned that the trade deficit with the EU could surpass China’s by 2025. Concurrently, the UK announced that joining a customs union with the EU was not on their agenda.
Amidst this chaos, the Supreme Court was anticipated to announce its tariff decision at 18:00. As the announcement approached, Bitcoin dipped to its daily low of $90,272.
The Supreme Court once again refrained from issuing its decision on tariffs, leading to further uncertainty and pushing Bitcoin below $90,000. The White House indicated that a decision would be announced by the end of January, implying that we should see the outcome next week.
However, many experts believe the decision might still be a month away. The Court is preparing for a four-week recess, and based on their traditional decision-making procedures, the earliest potential date for a decision on customs tariffs is February 20.