- Accelerating Cryptocurrency Sell-Offs Amid Continued Tariff Pressures:

In a historic ruling issued on Friday, the U.S. Supreme Court determined that President Trump exceeded his authority by imposing tariffs on global trade. The ruling confirmed that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose such taxes without congressional approval, which holds the constitutional power to levy taxes and regulate commerce.

However, President Trump criticized the ruling and quickly signed another executive order imposing a comprehensive global tariff of 10% under Section 122 of the Trade Act of 1974 of the U.S. Constitution. This law allows for a temporary tax of up to 150 days to address balance of payments issues.

A separate directive issued on Saturday stated that the new global tariff will be raised to 15%, the maximum allowed under Section 122 of the Trade Act of 1974.

The cryptocurrency market, which has been under pressure since the last quarter of 2025, has faced a new wave of headwinds, briefly pushing Bitcoin to a daily low of $64,291.

Individual traders bear the brunt, with the average liquidation in the derivatives market reaching $486 million over the past 24 hours. If heavy selling continues amid the prevailing uncertainty in the global trade market, leveraged position holders could incur losses, further deteriorating market structure.

Cryptocurrency Market Liquidations | Source: CoinGlass

Ethereum is experiencing a steady decline in retail investor interest, with open futures trading volume dropping to $23.88 billion on Monday from $24.22 billion the previous day. After reaching a peak of $70.13 billion in open futures trading volume for ETF contracts in August, heavy selling has persisted since hitting an all-time high of $4,956.

Ethereum requires consistent growth in retail demand to sustain its recovery, as the lack of derivative support makes the smart contract token vulnerable to selling pressure, especially if macroeconomic uncertainty and geopolitical tensions continue.

Open Futures Trading Data for Ethereum.
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