Bitcoin's Rise Amidst Market Fluctuations and Political Disputes Triggered by Trump's $5 Trillion Legislation: A Weekly Update on the Crypto Market
Bitcoin ended the second quarter strong, nearly hitting a 30% gain and trading around $109,000 by July 4th, despite a slight dip due to the Senate's approval of Trump's $5 trillion budget legislation. The legislation, titled "One Big Beautiful Bill," has sparked both market volatility and political tension, with its impact on individual tax cuts, the debt ceiling, and other programs. The crypto market initially responded with weakness, but many predict the bill's inflationary effect and the escalating US debt to be long-term bullish indicators for Bitcoin.
Tesla CEO Elon Musk has criticized the bill's cuts to clean energy and its impact on federal debt, leading to a public dispute with Trump. Amid this, discussions about a US strategic Bitcoin reserve continue, and Bitcoin's stability is being watched in light of regulatory uncertainty, macro shifts, and political risks.