The crypto market plunged into the red zone ahead as the Supreme Court began hearing oral arguments in the case regarding the legality of President Donald Trump's tariffs.
The total crypto market capitalization declined nearly 2% over the last 24 hours to $3.42 trillion at the time of writing.
Bitcoin (BTC) is down 1% in a day as it trades at $103,435.10. Ethereum (ETH), meanwhile, has fallen more than 5% to trade at $3,362.08.
XRP also fell 2.5% to trade at $2.25 and SOL 3.5% to $158.80. BNB seemed to be faring slightly better as it has lost only 0.5% in value, trading at $957.35.
As per SoSoValue, spot Bitcoin ETFs have seen an outflow of $764.25 million and Ether ETFs an outflow of $335 million since Nov. 3.
Notably, the Supreme Court hearing on the tariff case isn't alone responsible for the volatility in the crypto market. In fact, the market has been bleeding for the last month since Trump threatened to impose a 100% tariff on imports from China on Oct. 10.
Though Trump met his Chinese counterpart Xi Jinping on Oct. 30 and seemed to soften his stance on tariffs, the temporary truce didn't offer any respite to the crypto markets.
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Supreme Court begins hearing Trump tariffs case
The U.S. Supreme Court began hearing oral arguments in the case regarding the legality of tariffs President Trump has imposed on an array of countries since "Liberation Day" on Apr. 2.
Lower courts have ruled that the president lacked the legal authority under the International Emergency Economic Powers Act to impose tariffs on U.S. trading partners.
While those supporting Trump's tariffs call them "regulatory," those opposing them decry "revenue-raising tariffs."
Conservative justices hold a 6-3 majority on the Supreme Court and will deliver the ruling at a later date.
This story was originally reported by TheStreet on Nov 5, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
