Bitcoin exceeds $109,000 following Senate approval of Trump’s major bill
The cryptocurrency market experienced a slight uptick on Wednesday following two significant developments: the approval of President Donald Trump’s “One Big Beautiful Bill” (OBBA) by the Senate and the unveiling of a new trade deal with Vietnam. Bitcoin (BTC) saw a 3.2% increase in the past 24 hours, reaching approximately $109,400, while Ethereum (ETH) surged by almost 6% to $2,560. Solana (SOL) also climbed by 3.6% to $153, with XRP rising to $2.26, up by 3.2%.
The total cryptocurrency market capitalization saw a 1.3% rise, reaching $3.5 trillion, with leveraged liquidations totaling $343 million, as reported by CoinGlass. Bitcoin led the liquidations with almost $121 million, followed by Ethereum at $93 million, and altcoins at $31 million. U.S. spot Bitcoin exchange-traded funds (ETFs) experienced outflows of $342 million on July 1, marking the end of a 15-day streak of inflows. Conversely, spot ETH ETFs saw inflows of nearly $41 million, according to SoSoValue data.
These market movements coincided with the passage of OBBA, a controversial bill that is anticipated to increase the federal deficit by $3 trillion over the next decade, in a 50-50 vote in the Senate, with Vice President JD Vance casting the deciding vote. Additionally, President Trump announced the successful negotiation of a new trade agreement with Vietnam, which includes a 20% tariff on Vietnamese goods and a 40% “transshipping” tariff. This agreement was made just days before the expiry of his “reciprocal” tariff program.
Industry experts have commented on these developments, highlighting the impact on the cryptocurrency market. Mike Cahill, the co-founder and CEO of Douro Labs, noted that Bitcoin surpassing $109,000 indicates a broader shift in institutional sentiment, with significant macroeconomic factors attracting fresh capital to crypto as a portfolio diversifier. Similarly, Kyle Chassé, CEO of MV Global & Founder of PAID, emphasized the record-breaking increase in U.S. debt as a result of OBBA, suggesting that this could lead to a surge in spending and a rise in the global M2 money supply, correlating with Bitcoin’s long-term price trends.
Chassé predicted that Bitcoin could reach $225,000 by the year’s end. The market’s response to these recent events underscores the intricate relationship between macroeconomic policies, international trade agreements, and the performance of digital assets like Bitcoin, Ethereum, Solana, and XRP. As the cryptocurrency market continues to evolve and respond to external factors, investors and industry professionals will closely monitor these developments to navigate potential opportunities and risks in the digital asset landscape.
