On June 28, 2025, the US Senate advanced President Trump's tax and spending bill, which may significantly impact the economy and the cryptocurrency market.
Senate Approves Bill with Narrow Vote
The US Senate approved the tax and spending bill with a 51-49 vote, advancing plans to extend tax cuts and alter fiscal policy. This bill was presented by Chairman Graham and was narrowly passed in the House of Representatives with a vote of 215-214. Former President Donald Trump commented on the situation, stating that numerous individuals are looking to run against Senator Tillis in the primaries.
Macroeconomic Impact on Cryptocurrencies
The bill emphasizes tax cuts and increased defense spending, which could lead to changes in market sectors, including cryptocurrencies like Bitcoin and Ethereum. Experts from Coincu note that changes in macroeconomic policy could drive Bitcoin growth, similar to what occurred in 2017 when tax cuts led to market growth.
Market Reacts Cautiously to Changes
Shortly after the bill's announcement, the market reacted with caution. Bitcoin (BTC) is currently valued at $107,261.15, with a market cap of $2.13 trillion. Despite a slight increase in the past 24 hours, experts emphasize that uncertainty in the regulatory landscape could impact investor confidence.
The passage of the tax and spending bill opens new avenues for economic changes. The implications for financial and cryptocurrency markets continue to be closely monitored.
