Bitcoin Holds Steady Amid Washington Fiscal Drama
Bitcoin hovered around $108,000 late Sunday, ticking up just over half a percent in the past day. It’s been bouncing between $107,200 and $108,500—nothing too wild, but enough to keep traders on their toes. The slight uptick comes as Washington’s latest fiscal showdown grabs headlines, thanks to another fiery post from former President Trump.
On Truth Social, Trump took aim at GOP lawmakers debating his massive tax-and-spending package. “For all cost-cutting Republicans, of which I am one, REMEMBER, you still have to get reelected,” he wrote. The message was classic Trump—part warning, part pep talk—urging his party not to “go too crazy” with cuts while promising explosive growth to offset them.
The Bill Dividing the GOP
The legislation, nicknamed the “One Big Beautiful Bill,” is a monster—over 900 pages long, with $3.8 trillion in tax cuts paired with spending trims and boosts for defense and border security. It’s got something for everyone, but also plenty to fight over. Tax breaks from Trump’s 2017 bill would become permanent, including no taxes on tips and overtime pay. The child tax credit would jump to $2,200, and seniors would get temporary deductions.
But here’s the catch: to pay for it, Republicans want to slash Medicaid and food assistance programs. That’s where the cracks show. Moderates want higher deductions for state and local taxes, while hardliners demand deeper cuts. Democrats? They’re not touching it, calling the bill a giveaway to the wealthy.
Trump’s post feels like an attempt to smooth things over—telling conservatives to ease up while insisting growth will magically fill the budget holes. Analysts aren’t so sure. The national debt’s already at $36.2 trillion, and this could add trillions more.
Crypto’s Safe-Haven Appeal
Will Clemente, a crypto analyst, summed up the mood on X: “How can you read this and not hold any Bitcoin or gold?” His point? With deficits ballooning and inflation risks rising, traditional safe bets like Treasury bonds might not cut it anymore.
Bitcoin’s recent moves reflect that nervous optimism. Trading volume spiked to 7,538 BTC early Sunday, pushing prices higher before a slight pullback. Support held firm around $107,300, and despite a late dip, it clawed back toward $108,000 by evening.
The Senate’s racing to finalize the bill before July 4, but whether it passes—or what it’ll mean for the economy—is anyone’s guess. For now, Bitcoin’s just doing what it does: bouncing around, waiting for the next big headline.
