9 hours ago
Bitcoin (BTC) BTC traded astatine $107,937 arsenic of 22:22 UTC connected Sunday, up 0.54% implicit the past 24 hours, arsenic attraction turned to fiscal argumentation tensions successful Washington pursuing President Trump's latest station connected Truth Social.
Price enactment remained volatile, with BTC fluctuating betwixt $107,194 and $108,489 during the 24-hour window, according to CoinDesk Research's method investigation model.
On June 29, 2025, President Donald Trump posted a pointed connection connected Truth Social addressing Republican lawmakers amid aggravated statement implicit his sweeping tax-and-spending package. “For each outgo cutting Republicans, of which I americium one, REMEMBER, you inactive person to get reelected. Don’t spell excessively crazy! We volition marque it each up, times 10, with GROWTH, much than ever before,” helium wrote. This connection underscores the heavy divisions wrong the GOP arsenic it wrestles with the ambitious authorities dubbed the “One Big Beautiful Bill.”
The bill, exceeding 900 pages, combines astir $3.8 trillion successful taxation cuts with targeted spending reductions and accrued backing for defence and borderline security. It seeks to marque imperishable galore of the taxation breaks from Trump’s 2017 Tax Cuts and Jobs Act, including eliminating taxes connected tips, overtime pay, and definite car loans. The kid taxation recognition would emergence to $2,200 nether the Senate version, portion deductions for seniors would summation temporarily. However, to offset these taxation cuts, Republicans suggest important cuts to Medicaid and nutrition programs, sparking fierce statement wrong the party.
Moderate Republicans from high-tax states are pushing for a higher headdress connected authorities and section taxation deductions (SALT), portion conservatives request deeper spending cuts, peculiarly targeting Medicaid. These interior disagreements complicate efforts to unafraid the constrictive Republican majorities needed successful some chambers to walk the bill, which Democrats uniformly reason arsenic favoring the affluent and worsening inequality.
Trump’s societal media connection reflects an effort to equilibrium these competing pressures — urging fiscal restraint to fulfill conservatives portion emphasizing that robust economical maturation volition compensate for gross losses and assistance trim deficits implicit time. This supply-side economical attack projects that maturation volition “make it each up” contempt near-term increases successful the nationalist debt, which nonpartisan analysts estimation could adhd trillions to the existing $36.2 trillion debt.
Crypto expert Will Clemente’s reaction connected X (formerly Twitter) soon aft Trump’s station captures a communal marketplace sentiment: “How tin you work this and clasp agelong word US treasuries astatine existent yields lol... Also, however tin you work this and not clasp immoderate Bitcoin oregon gold.” Clemente’s skepticism toward semipermanent U.S. Treasuries reflects concerns that the bill’s deficit-financed taxation cuts and humble spending cuts awesome a escaped fiscal argumentation that could substance ostentation and currency debasement.
In this context, accepted fixed-income assets similar Treasuries whitethorn look little attractive, arsenic rising deficits and imaginable monetary accommodation endanger enslaved values. Conversely, hard assets specified arsenic golden and Bitcoin are progressively viewed arsenic stores of worth and hedges against ostentation and fiscal risk. The anticipation of sustained deficits and governmental challenges to fiscal subject bolster request for these inflation-resistant assets.
With the Senate racing to finalize the measure earlier the July 4 holiday, Trump’s telephone for unity and moderation highlights the precocious stakes and governmental challenges successful passing 1 of the astir consequential fiscal packages successful caller U.S. history. The bill’s destiny remains uncertain arsenic lawmakers negociate to equilibrium taxation relief, spending cuts, and governmental feasibility.
Technical Analysis Highlights
- From June 28 15:00 to June 29 14:00 UTC, BTC traded from $107,194 to $108,489, a 1.21% intraday range.
- Support was established astatine $107,300, with aggregate rebounds during the 02:00–03:00 window.
- Volume peaked astatine 7,538 BTC betwixt 08:00 and 11:00 UTC connected June 29, confirming upward momentum.
- During the last league hr (13:05–14:04 UTC), BTC fell from $108,219 to $108,059, forming a descending channel.
- A 130 BTC measurement spike astatine 13:35 coincided with a crisp dip to $108,030, which was tested and held.
- Final intraday rally pushed terms backmost toward $108K earlier fading somewhat by 22:22 UTC to $107,937.
Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.
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