The crypto market plunged into the red zone as the Supreme Court began hearing oral arguments in the case regarding the legality of President Donald Trump’s tariffs.
The total crypto market cap has declined by almost 2% over the past 24 hours to $3.42 trillion at the time of writing.
Bitcoin (BTC) is down 1% in a day as it trades at $103,435.10. Meanwhile, Ethereum (ETH) fell more than 5% to trade at $3,362.08.
XRP also fell 2.5% to trade at $2.25 and SOL fell 3.5% to $158.80. BNB appears to be doing slightly better as it only lost 0.5% in value, trading at $957.35.
According to SoSoValue, spot Bitcoin ETFs have seen an outflow of $764.25 million and Ether ETFs have seen an outflow of $335 million since November 3.
Notably, the Supreme Court hearing on the tariff case is not single-handedly responsible for the volatility in the crypto market. In fact, the market has been bleeding for a month since Trump threatened to impose 100% tariffs on imports from China on October 10.
Although Trump met with his Chinese counterpart Xi Jinping on October 30 and appeared to soften his stance on tariffs, the temporary truce offered no respite to crypto markets.
The United States Supreme Court has begun hearing oral arguments in the case concerning the legality of tariffs imposed by President Trump on a number of countries since “Liberation Day” on April 2.
Lower courts ruled that the president did not have the legal authority under the International Emergency Economic Powers Act to impose tariffs on U.S. trading partners.
While those who support Trump’s tariffs call them “regulatory,” those who oppose them denounce them as “revenue-generating tariffs.”
Conservative justices hold a 6-3 majority on the Supreme Court and will rule at a later date.
This story was originally reported by TheStreet on November 5, 2025, where it first appeared in the MARKETS section. Add TheStreet as your preferred source by clicking here.
