2025.6.30 Daily News
In the past two days, Bitcoin has been fluctuating at a high level of US$108,000, and the altcoin has also ushered in a wave of oversold rebound.
The market's biggest focus now is Trump's big, beautiful bill, which passed a procedural vote in the Senate with a narrow margin of 51 to 49, meaning it has passed the first hurdle and can now be formally debated.
The voting process was also quite exciting. It took 4 hours and the votes were extremely close. It almost didn't pass.
However, for the bill to truly take effect, it will have to pass a vote in both the House and Senate before Trump can sign it into law.
However, this bill has caused great controversy in Congress. Some Republicans are worried that the fiscal deficit will become more serious, and almost all Democrats are opposed to it, believing that it will increase social inequality.
The main contents of this bill include: the government continues to live on debt, and this time it will borrow an additional 5 trillion US dollars to prevent the government from shutting down due to debt repayment.
In terms of taxation, it is more friendly to the middle class in high-tax states. The upper limit of state and local tax deduction from federal tax has been increased from $10,000 to $40,000. The 2017 tax reduction policy has also been extended, corporate tax incentives continue, and the estate tax exemption amount has been raised to $15 million.
A total of 157 billion was spent on military spending, mainly on building warships (29 billion), missile defense (25 billion) and stockpiling ammunition (25 billion).
But Medicaid for the poor has been cut, and one has to work 80 hours a month to be eligible. It has also become more difficult for state governments to get money from the federal government, but 25 billion was allocated to rural hospitals to make up for it.
Subsidies for new energy sources have also been cut. Wind and solar projects that want to receive tax incentives must be put into operation before the end of 2027, which is a stricter requirement.
The $7,500 tax credit for electric vehicles will also be canceled early on September 30, so Musk is very angry because this is not good for Tesla's electric vehicle sales.
Musk said President Trump's big, beautiful bill will destroy millions of jobs and hurt the U.S. economy.
The Congressional Budget Office estimates that this bill will cause the United States to owe an additional $3.3 trillion in debt over the next 10 years.
It is basically impossible to get the Trump administration to spend less, and it is estimated that it will continue to spend lavishly in the future.
Although this bill does not directly benefit cryptocurrencies, it is essentially fiscal expansion and deglobalization. Global capital flows will undergo major changes, which will indirectly inject liquidity into the crypto market. In particular, the remittance tax may push up the market value of stablecoins.
Judging from the on-chain data, liquidity was alarmingly low over the weekend, with only more than 20,000 bitcoins circulating on the chain in the past 24 hours, indicating that people's interest in trading was very low.
In terms of support levels, the distribution of Bitcoin chips has not changed much, with short-term support at 100,000 US dollars and strong support at 93,000-98,000 US dollars.
Next, the market will keep an eye on the U.S. unemployment rate data, and the market will hype up expectations of a September rate cut in advance.
There are only four working days this week, and the United States will be on holiday on Friday. The game between Trump's tariffs and monetary policies will become more intense after July.