Why Bitcoin Shrugged Off Trump's Tariff Drama

The U.S. Supreme Court called Trump's global tariffs illegal. Trump fired back with an additional 10% levy. And Bitcoin? It barely blinked, holding steady near $68,000 while altcoins actually led a modest market bounce.

A Tale of Two Headlines

Friday delivered whiplash-inducing tariff news. Morning: Supreme Court strikes down Trump's global tariff rollout as illegal. Afternoon: Trump announces fresh 10% global tariffs under Section 122, effective in three days.

Yet crypto markets treated the drama like background noise. The CoinDesk 20 Index climbed 2.5%, with BNB, DOGE, ADA, and Solana posting 3-4% gains. Bitcoin traded just below $68,000, seemingly immune to the tariff turbulence.

The Winners and Losers Tell a Story

Crypto-linked stocks painted an interesting picture of where smart money is flowing. Exchange Coinbase, stablecoin issuer Circle, and bitcoin treasury firm Strategy all rose over 2%.

But bitcoin miners tied to AI infrastructure buildouts? They got hammered. Riot Platforms, Cipher Mining, IREN, and TeraWulf dropped 3-6%. Same crypto ecosystem, different investor appetite based on business models.

What Traders Are Really Watching

"We've seen a small rally for risk assets post-tariffs news as it leads into a narrative that tariffs are damaging for the macro environment," said Paul Howard, director at trading firm Wincent.

But he's not buying the breakout story yet. "Volumes remain muted and we can expect crypto to maintain range-bound trading" unless there are "macro or geopolitical shocks."

That shock? Howard points to Trump potentially ordering strikes against Iran, following weeks of military buildup in the region. Tariffs are yesterday's news—it's missiles that could move markets.

The Bigger Picture: New Safe Haven?

Traditionally, trade wars sent investors rushing to the dollar and gold. But Bitcoin's steady performance amid tariff chaos suggests something's shifting in the digital asset landscape.