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Donald Trump’s tariffs have been reinstated by an appeals court, halting an earlier ruling that had declared them unlawful.
The ruling rattled crypto investors, triggering $346.8 million in net outflows from US spot Bitcoin ETFs (exchange-traded funds) on May 29, the worst daily performance since March.
The tariffs, which impose a general 10% duty on most imports and higher rates on certain countries, had been struck down by the US Court of International Trade on May 28. The appeals court has now allowed the tariffs to stay in place while the legal process continues.
“The political branches, not courts, make foreign policy and chart economic policy,” the Trump administration said in its filing to the appeals court.
President Trump is rebalancing our trade agreements with the entire world, bringing in billions of dollars in tariff revenues, and finally ending our country from being ripped off.
But America cannot function if President Trump has his sensitive diplomatic and trade negotiations… pic.twitter.com/TMcnKEQz5J
— Karoline Leavitt (@PressSec) May 29, 2025
Crypto Market Tumbles After Trump Tariffs Are Reinstated
Crypto markets reacted swiftly to the decision, with the total market cap falling more than 2% over the past 24 hours, according to CoinMarketCap. Bitcoin slumped over 3.5%, briefly slipping below $105,000.
Bitcoin ETF investors also moved to de-risk. US Spot Bitcoin ETFs recorded their first net daily outflows since May 13, according to Farside Investors data.
𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙 𝗙𝗹𝗼𝘄 (𝗨𝗦$ 𝗺𝗶𝗹𝗹𝗶𝗼𝗻) – 2025-05-29
TOTAL NET FLOW: -346.8
IBIT: 125.1
FBTC: -166.3
BITB: -70.8
ARKB: -89.2
BTCO: -20
EZBC: -6.1
BRRR: 0
HODL: -12
BTCW: 0
GBTC: -107.5
BTC: 0For all the data & disclaimers visit:https://t.co/Wg6Qpn0Pqw
— Farside Investors (@FarsideUK) May 30, 2025
Fidelity’s FBTC saw $166 million in outflows, while Grayscale’s GBTC lost $107.5 million. Bitwise’s BITB, Ark’s ARKB, Invesco’s BTCO, Franklin’s EZBC and VanEck’s HODL all contributed to the outflows during yesterday’s trading session.
Only BlackRock’s IBIT posted inflows, extending its streak to 34 consecutive days with inflows of $125 million.
The Crypto Fear and Greed Index plunged 14 points points to 60 in the past 24 hours, while remaining in ”Greed” territory.
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