President Trump’s “Liberation Day” tariffs have been struck down by the US Court of International Trade, which ruled the sweeping trade measures illegal and outside the president’s authority. The Trump administration immediately filed a notice that it was appealing the ruling.
On Wednesday, the court in Manhattan ruled in favor of Democratic-led states and a group of small businesses that argued Trump had wrongfully invoked an emergency law to justify this part of economic policy.
Recent trade negotiations by the US have not only roiled global equity markets but have also had a significant impact on Bitcoin as well.
Asian Markets Open in Green, US Stock Futures Surge
Global financial markets have experienced sharp fluctuations since Trump unveiled extensive tariffs on April 2, with some measures later eased or reversed amid ongoing negotiations between the White House and foreign governments.
Though Bitcoin remained mostly unchanged, Asian stock markets climbed on Thursday morning, with Japan’s Nikkei 225 gaining roughly 1.67% and Australia’s ASX 200 posting modest gains. India’s Nifty and Sensex also opened in green. Meanwhile, U.S. stock futures surged following a favorable court decision.
Arthur Hayes Issues “Buy Everything” Signal
Reacting to the US Court striking down Trump’s liberation day tariffs, BitMEX founder Arthur Hayes posted on X, “buy everything round dos,” issuing a buying signal to investors. Hayes also made a case for Bitcoin reaching $1 million at the Bitcoin Conference in Las Vegas in a keynote speech on Wednesday.
Arthur pointed out how the $4 trillion stimulus injected into U.S. markets from 2020 to 2021 helped propel Bitcoin’s price from $3,800 to $70,000, driven by supply constraints from ETF demand and long-term holdings. He argued that the projected capital injection through 2028, which is double that of the post-COVID period, combined with shrinking Bitcoin supply, creates a strong macro environment where reaching $1 million per BTC is not only possible but likely.
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