Bitcoin’s Wild Ride: Tariffs Tossed, Crypto Tosses Its Cookies

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Markets

What ho, old chap! Here’s the lowdown:

  • The U.S. Supreme Court, in a jolly old 6-3 decision, gave President Trump’s tariffs the old heave-ho. Capital!
  • Bitcoin, ever the excitable sort, leapt like a startled gazelle, bounding 2% to over $68,000. But, as is its wont, it promptly tripped over its own feet and tumbled back to $67,000. Dash it all!
  • Earlier on Friday, the economic data chaps reported slower growth and higher inflation. Stagflation, they call it. Sounds like a fellow who’s had one too many at the club.

The Supreme Court, in a move that would make Jeeves proud, struck down President Trump’s tariff regime with a crisp “No President has invoked the statute to impose any tariffs, let alone tariffs of this magnitude and scope.” Quite the put-down, what?

“That ‘lack of historical precedent,’ coupled with the ‘breadth of authority’ that the President now claims, suggests that the tariffs extend beyond the President’s ‘legitimate reach.’” Jolly good show, chaps!

Bitcoin, ever the drama queen, jerked upward like a startled terrier, rising 2% past $68,000. But, as is the way with crypto, it couldn’t keep its head and promptly plunged back to just under $67,000. Flaky as a pastry at a village fete, that one.

While Bitcoin was busy doing the financial equivalent of the Charleston, the Nasdaq was having a rather more sedate time, rising 0.6% to a session high. Steady as she goes, old bean.

Stagflationary Shenanigans

Earlier on Friday, a batch of U.S. economic data arrived, bearing tidings of stagflationary impulses. The economy, it seems, grew a mere 1.4% in the final quarter of 2025. Core personal consumer expenditure prices, meanwhile, rose 3% year-on-year. Not quite the 2.9% the chaps were hoping for, eh?

On a yearly basis, the economy grew 2.2%, the slowest since the Covid kerfuffle of 2020. Blighter of a year, that one.

“Today’s economic data delivered a messy message of both hotter than expected inflation, and slower than anticipated growth,” remarked Art Hogan, chief market strategist at B. Riley Wealth. “The confusing message from today’s data confirms the current Fed bias to take their time with monetary policy.” Quite the pickle, what?

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2026-02-20 19:02