Bitcoin Reacts to U.S. Senate Passing Trump’s Massive Tax Cut and Spending Bill

On July 2, the U.S. Senate approved the significant tax reduction and expenditure legislation, known as the “Beautiful Big Act,” with a narrow margin of 51 to 50. This pivotal bill now advances to the House of Representatives for further consideration. Market participants are closely monitoring this development, as the legislation could have substantial implications for fiscal policy and economic growth. The passage of this bill reflects ongoing efforts to stimulate the economy through targeted tax relief and increased government spending, factors that may influence investor sentiment across various asset classes, including cryptocurrencies. Analysts emphasize the importance of tracking legislative progress to assess potential impacts on market volatility and capital flows within the digital asset sector.