The crypto market is on edge. Elon Musk and Donald Trump are clashing over a new spending plan. They call it the beautiful bill, but it could add trillions to the US debt. This drama is shaking Bitcoin and altcoins. Let’s break down what this means for your crypto bags.
Beautiful Bill Fight: Trump’s Big Push and Elon Musk’s Fury
President Trump wants his “One Big Beautiful Bill” passed fast. He calls it a win for America. But the bill could add $5 trillion to US debt. Trump believes this will help economic activity. He even wants the Fed to slash rates to 1%.
But Elon Musk is not buying it. He slammed Trump’s plan on X, calling it a “debt slavery bill.” Musk said if this beautiful bill passes, he will form a new “America Party” to fight the “Porky Pig Party.” He even promised to unseat lawmakers who back this bill. This fight is making crypto traders nervous.
Beautiful Bill Battle Tanks Crypto Market
As Trump pushes for the beautiful bill, the crypto market is reacting sharply. Bitcoin has dropped below $107,000, down 1.27% in a day. Altcoins like Ethereum are also under pressure. Whale sell-offs and miner selling are adding to the panic.
Liquidations have crossed $211 million in 24 hours. Long positions are getting wiped out, with $133 million liquidated. Investors are now holding their breath. Everyone is watching if this bill will pass and how it will impact the crypto space. The market needs clarity before it can recover.
Beautiful Bill Faces Crypto Tax Twist in the Senate
The beautiful bill has entered a marathon “vote-a-rama” in the Senate. Lawmakers are adding last-minute amendments. Senator Cynthia Lummis is fighting for a crypto-friendly tax amendment. She wants to end “unfair tax treatment” of crypto users in America.
Her amendment would waive taxes on crypto transactions under $300. It would also protect crypto from double taxation on mining, staking, and airdrops. This move could be a win for crypto investors if it gets approved. However, it is still unclear if this will make it into Trump’s beautiful bill before the July 4 deadline.
Trump, Elon Musk, and US Debt: What’s Next for Altcoins?
The feud between Trump and Elon Musk could shape the future of the crypto market. If the beautiful bill passes, it could push US debt higher, adding inflation risks. Musk believes this will hurt Americans and crypto users alike. However, some traders see potential gains for altcoins if inflation pushes investors toward crypto as a hedge.
For now, altcoins are facing heavy sell-offs. Ethereum is struggling to stay above $2,500. ICO whales are adding to the pressure with large dumps. If the market does not get clear direction soon, we could see further drops. But if the crypto tax amendments pass, it may spark a relief rally for altcoins and the broader crypto market.
Final Thoughts
The beautiful bill is more than just a political fight between Trump and Elon Musk. It is about how the US debt battle could reshape the crypto market and altcoins in the months ahead. Investors should watch closely for the final vote, the Fed’s rate moves, and potential tax changes for crypto.
This is a crucial moment for crypto traders. Stay sharp, manage your risk, and prepare for volatility as Trump’s beautiful bill saga unfolds. The next move could bring either a new wave of adoption or deeper fear in the crypto market.
