The U.S. Supreme Court on Friday struck down President Trump’s tariff regime in a 6-3 decision.

“No President has invoked the statute to impose any tariffs, let alone tariffs of this magnitude and scope,” the court ruling said.

“That ‘lack of historical precedent,’ coupled with the ‘breadth of authority’ that the President now claims, suggests that the tariffs extend beyond the President’s ‘legitimate reach.'”

Bitcoin knee-jerked about 2% higher on the news, rising past the $68,000 level. As has been typical in crypto lately, though, the gain was reversed within minutes, returning to just below $67,000 at the current time.

Crypto’s fleeting gains stood in contrast to what’s appearing more sustainable in stocks, with the Nasdaq rising 0.6%…