Throughout the day, we discussed the increasingly challenging environment for cryptocurrencies. The court’s tariff decision has intensified the conflict between Trump and the judiciary, further entangling the process. At the time of writing, BTC stands at $106,117. What are the latest forecasts for FLOKI, HYPE, and DOGE?
Crypto Market Decline
A Federal Court and a local court have both issued tariff rulings. The company had taken the issue to court, claiming Trump’s customs tariffs harmed their business. Now, with two court rulings freezing the tariffs, Trump’s team is preparing to take the matter to the Supreme Court.
As we enter June, the situation can be summarized as follows:
- Tariffs are taken to court, and the court tells Trump he cannot do this.
- Trump is appealing the cases.
- As the tariff tension between the judiciary and Trump increases, uncertainty grows.
- While Trump’s decision is frozen by the judiciary, countries’ tariff negotiation motivation weakens.
- The tension would rise if China and other countries tell Trump he cannot impose something without judicial permission.
- With only weeks to the July 9 deadline, this chaos could hinder agreements with many countries.
Reflecting on the day’s discussions, Fed’s Goolsbee stated:
“If the court’s decision on customs tariffs leads to increased uncertainty, it could be more negative. The administration might use other justifications to enforce customs duties. This court decision could prolong uncertainty.”
WH Press Secretary Leavitt said:
“Last night, Trump faced overreach by the judiciary on customs tariffs. Trump’s reasoning is legally solid. The trade court abused its judicial authority. Courts should have no role in customs tariffs.
The U.S. has urgently requested a stay of execution. The Supreme Court must put an end to this. Trump has other legal authorities for customs duties, and we are reviewing other avenues for trade policies. Trump told Powell it was a mistake not to lower rates.
Following the court’s decision, Bessent and Greer are in contact with their counterparts regarding customs tariffs. We will win the trade war in court.”
HYPE, FLOKI, and DOGE Insights
Coinbase International Exchange will list HYPE futures on June 5. However, due to strong BTC sales and exacerbated tariff uncertainties, this event does not significantly impact the charts. HYPE price continues to aim for $29.04. If BTC’s negativity persists, excessive selling could hit the 25.3 base.
With FLOKI Coin failing to close above $0.0001038, the bulls face heightened challenges. The influence of weekend apprehension may lead to lower wicks reaching $0.0000897 in the coming hours.
DOGE, preparing to again lose the $0.22 level, quickly abandoned its late-start rally. Maintaining the $0.213 support is crucial in this process.
If support fails, sales may extend to $0.18. Currently, due to the topics of tariffs, court rulings, and additional pressure on China, few positive moves are expected in the short term for cryptocurrencies.
