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NewsBTC 2025-07-03 01:00:23

Bitcoin Holds Steady Above $107K As US Senate Clears $4.5T Spending Bill

Bitcoin Holds Steady Above $107K As US Senate Clears $4.5T Spending Bill

Bitcoin held its ground as US President Donald Trump’s “One Big Beautiful Bill” passed the Senate late Monday narrowly by 51–50 votes. Related Reading: Insane Or Insightful? VC Firm Says XRP Could Reach Nearly $9,000 In Just 5 Years Vice President J.D. Vance provided the tie‑breaking vote that sealed the deal for the $4.5 trillion package. The package contains major tax reductions, deeper border security funding, and substantial cuts to programs such as Medicaid and SNAP. No crypto‑specific language was included, but lawmakers attempted to insert a tax benefit for digital currencies during last minute wrangling. Bitcoin Dips Before Quick Rebound Based on reports from crypto exchanges, Bitcoin slid to about $106,344 just before the vote as traders held off on big bets. Once the Senate approved the bill, BTC jumped back above $107,800. That’s a swing of roughly $1,400 in a single session, or about 1.3%. Some traders said they sold into the dip and bought back in once the outcome was clear. Others just shook their heads and waited for the next news headline. Altcoins And Liquidations Take A Hit Ethereum barely moved, dipping 0.3%, while XRP fell about 0.7% on the day. Solana saw the biggest wobble, dropping as much as 6% during trading. In total, more than $219 million in liquidations hit the broader crypto market. Bitcoin alone accounted for roughly $60 million of that, as leveraged positions got squeezed when prices spiked back up. Crypto Stocks See Gains Stocks tied to digital assets also rallied on the bill’s passage. MicroStrategy (now Strategy) shares climbed around 3.2%, and Coinbase jumped 2.3% in early trading on Tuesday. Those moves outpaced the Nasdaq’s modest gains. Related Reading: Ethereum Network Awakens—Massive On-Chain Moves Signal What’s Coming Final Look The bill now goes back to the House for a final sign‑off, with Speaker Mike Johnson aiming to send it to the president’s desk before July 4. The traders will be watching closely for the next inflation reading and for any signals from the Federal Reserve. If a rise in prices drives the Fed to more increases, crypto markets may come under new strain. However, others view the Senate vote as another reminder that Bitcoin and its cousins can move on significant political news—sometimes in ways not necessarily expected. Featured image from Unsplash, chart from TradingView

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