The U.S. Senate passed President Trump's multitrillion-dollar fiscal stimulus package, the "Big, Beautiful Act," raising the nation's debt ceiling and heightening inflation concerns.
A weakening dollar and heightened fiscal uncertainty could cause investors to start shifting from bonds to cryptocurrencies, pushing up the prices of Bitcoin and Ethereum.
The bill has now entered the final review process in the House of Representatives. If adopted and passed, crypto tax reforms (such as small transaction tax exemptions) may make the cryptocurrency market more friendly to retail investors, thereby promoting the development and popularization of the market.
Market Impact of Cryptocurrencies
Despite the overall market decline, the prices of Bitcoin and Ethereum have remained resilient after the bill was passed, trading in a daily range. Analysts predict that once the bill is passed, it may reshape investor sentiment and capital allocation.
Bitcoin, often seen as a hedge against the debasement of fiat currencies, could benefit from renewed demand, while a weaker dollar and falling investor confidence in U.S. fiscal management could also bolster the narrative of bitcoin as “digital gold.”
Meanwhile, Ethereum and other large-cap altcoins may also see short-term support as a risk-on shift from bonds to alternative assets typically boosts cryptocurrencies. But not all tokens are equally positioned, and meme coins and speculative assets may continue to be volatile or underperform.
The impact of investor sentiment
Retail investors may respond positively to lower personal income taxes and simplified cryptocurrency reporting. If the final bill contains crypto-friendly tax reforms, it may reduce friction for small traders and DeFi users. However, institutional investor sentiment may be more cautious, especially if the Fed tightens policy.
Analysts believe that if the House of Representatives passes the bill and retains the cryptocurrency clause, Bitcoin and Ethereum may rise further. The total market value of cryptocurrencies may test the range of $3.5 trillion to $3.7 trillion in the short term. However, the extent of the rebound will depend on broader macroeconomic conditions, including interest rate policy, regulatory enforcement, and global liquidity trends.
The impact of policy rates on the crypto market
However, if the Fed chooses to raise interest rates in response to fiscal debt expansion, this could strengthen the dollar and put pressure on the cryptocurrency market. Conversely, if the Fed maintains an accommodative policy, digital assets may continue to benefit.
In summary, the passage of the Big, Big Act marks a significant shift in fiscal policy, bringing new growth momentum to the cryptocurrency market.
But there is still volatility and uncertainty in the market, as the Federal Reserve's policy moves, inflation data and legislative progress will determine the sustainability of the cryptocurrency's rally.
At this juncture, the future of the cryptocurrency market will depend on a combination of macroeconomic conditions and the regulatory environment.
Conclusion:
The passage of Trump's "Big, Beautiful Act" in the Senate has undoubtedly brought new vitality and opportunities to the cryptocurrency market. Mainstream crypto assets such as Bitcoin and Ethereum may benefit from this policy shift due to their ability to hedge against inflation and currency depreciation.
However, the risk of market volatility still exists, and the Fed's policy direction, inflation data and legislative progress will be the decisive factors. For investors, this is a time that requires careful observation and flexible response.
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