Bitcoin, Ethereum and XRP prices moved higher on Thursday after the US Supreme Court delayed an important decision on tariffs imposed by President Donald Trump, easing near-term macro uncertainty.
Bitcoin jumped sharply in a short period, climbing more than $2,000 in under an hour and briefly trading near $92,000. Ethereum followed with steady gains near $3,120, while XRP rose above $2.10, extending its recent outperformance among major tokens.
The broader crypto market also moved into positive territory. Total market capitalization rose to about $3.13 trillion, up more than 1% on the day. Several large-cap tokens, including BNB and Solana, also posted gains, while market sentiment remained neutral based on widely followed indicators.
The sudden move higher triggered forced liquidations in derivatives markets. Data showed roughly $39 million worth of short positions were wiped out as prices climbed quickly.
The rally came after the Supreme Court said it would not issue a ruling on January 9 in a closely watched legal challenge to global tariffs imposed by Trump using emergency powers. The delay leaves the future of those tariffs uncertain for now.
White House National Economic Council Director Kevin Hassett said senior officials had discussed backup legal options in case the court eventually blocks the tariffs. In an interview with CNBC, he added that the administration could rely on other laws to keep similar trade measures in place if needed.
“There are a lot of other legal authorities that can reproduce the deals that we’ve made with other countries, and can do so basically immediately. And so our expectation is that we’re going to win, and if we don’t win, then we know that we’ve got other tools that we could use that get us to the same place,” he said.
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