Bitcoin Tops $109,000 After Senate Passes Trump’s ‘Big Beautiful Bill’ – Crypto News – Crypto News
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Bitcoin Tops $109,000 After Senate Passes Trump’s ‘Big Beautiful Bill’ Bitcoin Tops $109,000 After Senate Passes Trump’s ‘Big Beautiful Bill’

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Bitcoin Tops $109,000 After Senate Passes Trump’s ‘Big Beautiful Bill’ – Crypto News

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The crypto market posted modest gains Wednesday, rebounding after two days of volatility. The uptick followed two major developments: the Senate’s passage of President Donald Trump’s “One Big Beautiful Bill” (OBBA) and the announcement of a new trade deal with Vietnam.

Bitcoin (BTC) is up 3.2% over the past 24 hours and is currently trading at around $109,400, while Ethereum (ETH) shot up nearly 6% to $2,560. Solana (SOL) climbed by 3.6% to $153, and XRP rose 3.2% to $2.26.

Total crypto market capitalization rose 1.3% on the day to $3.5 trillion, while leveraged liquidations totaled $343 million, according to CoinGlass. BTC led the wipeouts with nearly $121 million, followed by ETH at $93 million and altcoins at $31 million.

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $342 million in outflows on July 1, breaking a 15-day streak of inflows. Meanwhile, spot ETH ETFs saw nearly $41 million in inflows, according to SoSoValue data.

The market response comes as OBBA, a controversial government spending bill projected to add $3 trillion to the federal deficit over the next decade, passed the Senate in a 50–50 vote, with Vice President JD Vance casting the tie-breaking vote.

At the same time, President Trump announced that the U.S. had struck a new trade agreement with Vietnam. The deal includes a 20% tariff on Vietnamese goods and a 40% “transshipping” tariff. It comes just days before the expiration of his “reciprocal” tariff program.

“It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam,” Trump wrote on Truth Social earlier today.

Mike Cahill, co-founder and CEO of Douro Labs, told The Defiant that Bitcoin’s move past $109,000 signals a broader shift in institutional sentiment, as heavy macro catalysts “are drawing fresh capital back into crypto as a portfolio diversifier.”

“That said, it’s important that we see past price movement headlines and understand the bigger picture,” Cahill added. “Right now, we see the return of real money seeking macro‑hedge exposure unaffected by traditional trading hours.”

Meanwhile, Kyle Chassé, CEO of MV Global & Founder of PAID, said in a statement shared with The Defiant that “Washington just wrote itself a record‑breaking $5 trillion IOU and every new trillion is free advertising for Bitcoin.”

“By blasting the debt ceiling that high, the ‘Big Beautiful Bill’ is set to unleash a fresh wave of spending that will swell U.S. and global M2 money supply, a metric that has tracked Bitcoin’s long‑term price almost point‑for‑point,” Chassé said.

He predicts Bitcoin will break through $225,000 by the end of the year.

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