President Donald Trump announced the 'Beautiful Act', aimed at stimulating economic growth and reducing the deficit. The new legislation includes several measures that could significantly impact the country's economic situation.
Goals of the 'Beautiful Act'
The 'Beautiful Act' was introduced on July 2 with a goal of halving the national deficit. The act proposes significant measures such as allocating $12.5 billion for air traffic control improvements and $25 billion for defense. Additionally, the bill includes a proposal to double the child tax credit to $2,200 and implement tax cuts for families earning under $100,000.
Market Reaction to the Bill
Market reactions to the proposed measures have been cautious. Despite its ambitious goals, skepticism regarding the implementation and macroeconomic ripple effects is evident. Stakeholders in the airline industry and credit unions support the proposed infrastructure improvements and tax conditions, but the lack of direct benefits to cryptocurrency markets has led to minimal discourse among blockchain industry leaders.
Market Dynamics: Bitcoin Stability
According to CoinMarketCap data, as of July 2, Bitcoin (BTC) is trading at $108,052.79, with a market capitalization of $2.15 trillion. Over the last 24 hours, BTC has seen a 2.02% increase and a 3.79% rise over the past 30 days. However, a substantial growth of 32.54% was recorded over the past 90 days. The 'Beautiful Act' may influence the economic landscape through tax reforms and infrastructure spending, but a direct impact on the regulatory framework for digital assets remains unlikely.
In conclusion, the 'Beautiful Act' represents significant measures aimed at stimulating economic growth, though its influence on the cryptocurrency market remains uncertain. It is important to monitor the evolving situation and its potential implications for the economy and crypto indicators.