Bitcoin is currently hovering around $90,000, having briefly surged to $92,000 a few days ago, then started to pull back. The issue is that the U.S. Supreme Court may issue a ruling this Friday on a case that, if unfavorable, could trigger a chain reaction across the entire cryptocurrency, stock, and even bond markets.

What is the core of this lawsuit? It concerns the wave of tariffs introduced earlier this year under the International Emergency Economic Powers Act. This legislation was enacted in 1977 and was originally a tool for implementing sanctions during national emergencies.

A former president used this act to impose tariffs ranging from 10% to 50% on global imports, and also increased tariffs against certain trading partners (such as countries involved in the fentanyl issue). The government argued that long-term trade deficits and national security risks constituted an emergency.

However, the courts below are not convinced. Both the U.S. International Trade Court and the Federal Court of Appeals have ruled that this exceeds executive authority — ultimately, tariff authority rests with Congress.

The Supreme Court began hearing arguments last November, with justices showing varying degrees of skepticism. Although the official decision will not be leaked in advance, the market is awaiting this moment. If the Supreme Court overturns these tariffs, the subsequent market impact could be more complex than a simple decline — volatility may increase sharply, posing heightened risks for short-term traders.