Bitcoin Drops to $105K Before Rebounding; Altcoins Display Instability: Market Update

Over the past 24 hours, the cryptocurrency market has experienced significant volatility, with Bitcoin dipping to $105,145 before staging a V-shaped recovery and trading at $107,720, a nearly 1% increase. Meanwhile, many altcoins have struggled, with numerous experiencing more than a 3% drop. The most significant gain was recorded by PENGU, from the Pudgy Penguins ecosystem, showing a 6.3% increase, while Algorand's ALGO saw a 6.5% decrease.

Total liquidations across the sector have spiked, nearing the $260 million mark. This market turbulence coincides with significant economic developments in the United States, including the Senate's approval of President Trump’s "big beautiful bill." If passed, it could positively impact the cryptocurrency market by reducing tax pressure on retail investors, potentially freeing up capital for riskier investments.