The Supreme Court has revealed February 20 as the next date on which it could rule on the legality of the Trump tariffs. This comes as crypto traders continue to bet against the court ruling in favor of these tariffs, which have so far had a significant impact on the crypto market.
Supreme Court Could Rule On The Trump Tariffs Next Week
The Supreme Court has set February 20 for opinions, indicating it could issue its ruling on the legality of these tariffs that day. Furthermore, the court has scheduled February 24 and 25 for opinions, meaning those are also days it could rule on the tariffs if it does not do so on February 20.
These days are the first opinion days since January 20, when the Supreme Court delayed its ruling on the Trump tariffs. Crypto market participants continue to keep an eye on this high-profile case, as it could provide some relief for the market if the court rules against these tariffs.
The tariffs have at different times sparked bearish sentiments in the market, with the latest being when Trump threatened to impose tariffs on eight European countries, including France, the United Kingdom, and Germany. Bitcoin had dropped following the threat and notably rebounded when Trump announced later on that he was dropping those tariffs.
The Trump tariffs were also at the centre of the infamous October 10 crypto crash last year. Bitcoin crashed from as high as $120,000 to as low as $104,000 on that day amid the U.S. president’s threat to impose 100% tariffs on China.
Crypto Traders Bet On Potential Court Ruling
Polymarket data shows that crypto traders are still betting on the Supreme Court ruling against the Trump tariffs. There is currently only a 30% chance that the court will rule in favor of the Trump administration.
Ahead of a potential ruling, the U.S. president appears to be making some concessions. As CoinGape reported, Trump is now considering lowering key tariffs, a move that could also reduce inflation and pave the way for more rate cuts, which is bullish for the crypto market.
The South China Morning Post also recently reported that the Trump tariffs may be rolled back for up to a year as officials seek short-term economic wins. This would also be a positive for crypto prices, as the trade war between the two countries was a major highlight last year.
