The cryptocurrency market witnessed a remarkable surge on Thursday following a decision by the US Supreme Court to delay a critical ruling on tariffs imposed during the Trump administration. The temporary resolution has quelled near-term uncertainties, causing major cryptocurrencies to rally.
Bitcoin, Ethereum, and XRP Lead the Charge
Bitcoin (BTC) spearheaded the market surge, gaining over $2,000 in just under an hour and briefly trading near an astounding $92,000. Ethereum (ETH) also recorded steady growth, trading near $3,120, while XRP outperformed, climbing to $2.10—a significant rise among key tokens. The broader market followed suit, with the total cryptocurrency capitalization increasing by more than 1% to reach approximately $3.13 trillion.
Major Tokens Report Gains
Other large-cap cryptocurrencies like Binance Coin (BNB) and Solana (SOL) also bolstered their value, contributing to the overall positive sentiment in the market. Neutral indicators suggest cautious optimism as investors assess ongoing developments.
Derivatives Market Impact
This sudden bullish momentum in crypto markets led to forced liquidations in derivatives trading. Data reveals that short positions worth approximately $39 million were liquidated rapidly when prices spiked.
Behind the Market Rally
The Supreme Court’s delay in ruling on January 9 leaves the future of Trump-era tariffs uncertain. The administration is reportedly considering legal alternatives to maintain similar trade frameworks if the tariffs are eventually invalidated. White House National Economic Council Director Kevin Hassett stated during a CNBC interview that the administration has contingency plans in place to enforce comparable trade measures.
Staying Updated in the Crypto World
Platforms like CoinPedia are central to keeping crypto investors informed. By delivering timely cryptocurrency and blockchain news since 2017, they adhere to stringent content standards based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). As always, readers are encouraged to conduct personal research before making investment decisions, as cryptocurrency remains a volatile and high-risk asset class.
Enhance Your Crypto Knowledge with Premium Tools
If you’re diving deeper into the cryptocurrency market, consider using tools like the Ledger Nano X hardware wallet to ensure the security of your investments. This state-of-the-art device combines easy accessibility with top-notch security, making it a must-have for crypto investors. Check it out here.
