Bitcoin hits eight-week high near $97,000 as inflation fears ease; The US Supreme Court sidesteps the tariff ruling

Bitcoin climbed to an eight-week high of nearly $97,000 as inflation concerns eased and after the United States Supreme Court declined to rule on international trade tariffs. The cryptocurrency was trading at $96,031 on Thursday.Over the past 24 hours, Bitcoin is up 0.68%, while Ethereum is down 1.42%. Over the same period, the major altcoins – including BNB,

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Piyush Walke, Derivatives Research Analyst at Delta Exchange, said the rally was driven by a combination of favorable US inflation data, positive regulatory developments surrounding a crypto account, and strong net inflows into spot ETFs. As a result, the global cryptocurrency market capitalization now stands at almost $3.25 trillion, reflecting renewed investor confidence.

Overall, crypto markets remain in positive territory, with Bitcoin and Ethereum showing resilience amid macroeconomic uncertainty, indicating that near-term momentum continues to favor the bulls, Walke added.

Over the past week, Bitcoin and Ethereum rose 5.84% and 4.80% respectively, while major altcoins such as BNB, Solana, Tron and Cardano rose more than 5%. Dogecoin and Hyperliquid, on the other hand, fell more than 5% during the same period.

CoinSwitch Markets Desk said BTC surged past $97K to an eight-week high, leading to heavy short covering with over $829M of BTC shorts liquidated in the past 24 hours, and the move was amplified by approximately $750M of net inflows into US spot Bitcoin ETFs, marking the largest single-day drawdown in nearly three months and signaling renewed institutional demand.

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Here’s how other analysts decode the increase:

CoinDCX research team

The crypto markets are consolidating after a significant rise above the local threshold. Russia is about to finalize a draft law to legalize crypto trading.

Nischal Shetty, Founder, WazirX

Dollar weakness and regulatory clarity supported Bitcoin’s rise over the past 24 hours, while rising oil prices and currency volatility kept broader risk appetite in check.

Crypto markets are seeing measured pullbacks rather than panic selling. Bitcoin is trading around $96,300 (-0.6%), while Ethereum is trading around $3,315 (-1.1%). Bitcoin continues to outperform Ethereum, indicating that investors are favoring liquidity and perceived safety within crypto as macro uncertainty increases.