Markets rally as court blocks Trump's 'Liberation Day' tariffs originally appeared on TheStreet .
The crypto market cap rose as much as 1.42% to $3.56 trillion within hours of a federal court halting President Donald Trump's "Liberation Day" tariff hikes that he announced on Apr. 2.
By the time of writing, the market cap has retreated modestly to $3.54 trillion.
Bitcoin 's price also rose from the $107,800 level to the $108,300 level within hours of the ruling. As per Kraken's price feed , it was trading at $107,730 at press time.
In a shocking blow to Trump's aggressive tariff policy, the Manhattan-based Court of International Trade ruled on May 28 that the White House invoking an emergency law doesn't permit the president to levy tariffs on almost every country.
It is the Congress that has exclusive rights to deal with commerce ties with other countries, which can't be superseded by any presidential order, the court ruled.
The ruling also said that Trump overstepped his executive authority when he invoked the International Emergency Economic Powers Act (IEEPA), and the White House acted "contrary to law."
Though Trump temporarily halted the global tariff hikes on Apr. 9 for a 90-day period, the court has asked the administration to entirely halt the tariffs within 10 days.
The Trump administration didn't back down either and filed an appeal against the order. "It is not for unelected judges to decide how to properly address a national emergency," White House deputy press secretary Kush Desai said.
The ebbs and flows of Trump's tariff policy have had a dramatic impact on the crypto market. Its total market cap fell from $2.84 trillion on Apr. 2 to as low as $2.5 trillion on Apr. 9. Since the announcement of the temporary freeze, it has kept recovering.
Meanwhile, Bitcoin hit its all-time high (ATH) of $111,970.17 on May 22.
Markets rally as court blocks Trump's 'Liberation Day' tariffs first appeared on TheStreet on May 29, 2025
This story was originally reported by TheStreet on May 29, 2025, where it first appeared.
