The passage of the tax bill in the US Senate has triggered changes in the gold and cryptocurrency markets. This article explores the impact on investors.
Senate Tax Bill Passage
On July 1, the US Senate approved President Trump's tax bill with a 51-49 vote. This legislation is expected to significantly increase the budget deficit, raising concerns about fiscal discipline.
Gold Price Surge
In light of the new legislation, safe-haven assets like gold have begun to attract significant investor interest. Gold prices have soared to $3,340 per ounce, marking a 2% gain in recent sessions.
Cryptocurrency Market Status
Amid the decline of the dollar, Bitcoin is currently priced at $105,608.22. Its market cap is nearing $2.10 trillion, although it has seen a 1.61% decrease in the last 24 hours.
The US tax bill has influenced market dynamics for gold and cryptocurrencies, prompting investors to seek safe assets amid economic uncertainty.
