Trump backs bipartisan bill for 500% tariffs on countries buying Russian oil; Supreme Court challenge could force >$133.5B in tariff refunds, threatens Bitcoin

first published 2026-01-08T09:30:55Z

President Trump approved a bipartisan bill enabling tariffs of at least 500% on goods from countries that purchase Russian oil, gas, or uranium—targeting major buyers such as India, China, and Brazil. Markets reacted immediately: total crypto market cap fell to about $3.19 trillion (down ~3.23%), Bitcoin traded around $90,234, and large-cap coins dropped 4–10%. India’s NIFTY hit a weekly low. The article cites a prior tariff shock in Oct 2025 that saw roughly $19B in liquidations and Bitcoin slipping from around $126K to below $100K, and warns prolonged trade tensions could trigger a larger crypto sell-off.

AI Analysis

The story reports an approved policy (≥500% tariffs on countries buying Russian energy) and immediate market moves: crypto market cap down ~3.23%, BTC ~ $90,234, large-cap coins down 4–10%, and India’s NIFTY at a weekly low. It also cites a prior tariff shock (Oct 2025) that produced ~$19B liquidations and a BTC drop from ~$126K to below $100K—facts that justify negative sentiment and a high short-term trading impact.

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