Bitcoin Holds Steady Above $107K As US Senate Clears $4.5T Spending Bill
Bitcoin remained stable after the Senate passed President Trump's $4.5 trillion "One Big Beautiful Bill" by a narrow 51-50 vote, with Vice President J.D. Vance casting the tie-breaking vote. The package includes tax reductions, increased border security funding, and cuts to Medicaid and SNAP, but lacks specific provisions for cryptocurrencies. Bitcoin dipped to approximately $106,344 before rebounding to over $107,800 post-vote, reflecting a $1,400 swing. Ethereum and XRP saw minor declines, while Solana dropped 6%. The broader crypto market experienced over $219 million in liquidations, with Bitcoin accounting for about $60 million. Stocks related to digital assets, such as MicroStrategy and Coinbase, saw gains following the bill's passage. The bill will return to the House for final approval, with potential implications for inflation and Federal Reserve policy affecting crypto markets.