{"id":2564,"date":"2025-07-08T17:31:42","date_gmt":"2025-07-08T17:31:42","guid":{"rendered":"https:\/\/moderncryptotrader.com\/index.php\/2025\/07\/08\/crypto-market-recap-cryptos-rally-as-trumps-big-beautiful-bill-passes-congress\/"},"modified":"2025-07-08T17:31:42","modified_gmt":"2025-07-08T17:31:42","slug":"crypto-market-recap-cryptos-rally-as-trumps-big-beautiful-bill-passes-congress","status":"publish","type":"post","link":"https:\/\/moderncryptotrader.com\/index.php\/2025\/07\/08\/crypto-market-recap-cryptos-rally-as-trumps-big-beautiful-bill-passes-congress\/","title":{"rendered":"Crypto Market Recap: Cryptos Rally as Trump\u2019s Big Beautiful Bill Passes Congress"},"content":{"rendered":"<\/p>\n

Here’s a quick recap of the crypto landscape for Friday (July 4) as of 12:00 p.m. UTC.<\/strong><\/p>\n

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.<\/p>\n<\/p>\n

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Bitcoin and Ethereum price update <\/h3>\n

Bitcoin (BTC) <\/strong>is priced at US$108,948, down by 1.6 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$107,741 and a high of US$109,997.<\/p>\n<\/div>\n

<\/small><\/p>\n

Bitcoin price performance, July 4, 2025.<\/em><\/p>\n

<\/small><\/p>\n

Chart via <\/em>TradingView<\/em>.<\/p>\n

Bitcoin\u2019s rally to US$108,000 followed strong US labor data that boosted risk appetite early on, alongside continued inflows into Bitcoin spot ETFs (nearly US$50 billion), which helped anchor prices despite broader equity market pullbacks. <\/p>\n

Market watchers also noted heightened volatility following the reactivation of two long-dormant Bitcoin wallets containing roughly 20,000 BTC (worth over US$2 billion), raising questions about potential future dumping.<\/p>\n

Ethereum (ETH)<\/strong> is priced at US$2,549.85, down by 2.7 percent over the past 24 hours. Its lowest valuation on Wednesday was US$2,502.39 and its highest was US$2,600.55.<\/p>\n<\/div>\n

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Altcoin price update <\/h3>\n
    \n
  • Solana (SOL)<\/strong> was priced at US$150.30, up by 5 percent over 24 hours. Its highest valuation as of Friday was US$153.26, and its lowest was US$146.61. <\/li>\n<\/ul>\n
      \n
    • XRP<\/strong> was trading for US$2.24, down by 1.4 percent in 24 hours. The cryptocurrency’s lowest valuation was US$2.21 and its highest was US$2.28. <\/li>\n<\/ul>\n
        \n
      • Sui (SUI)<\/strong> is trading at US$2.92, showing a decrease\u00a0<\/em>of 3.6 percent over the past 24 hours. Its lowest valuation was US$2.87 and its highest was US$3.07.<\/li>\n<\/ul>\n
          \n
        • <\/span>Cardano (ADA)<\/strong> is priced at US$0.5817, down by 3.1 percent in the last 24 hours. Its lowest valuation as of Wednesday was US$0.5715 and its highest was US$0.6028. <\/li>\n<\/ul>\n<\/div>\n
          \n

          Today’s crypto news to know <\/h3>\n

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          Trump\u2019s Big Beautiful Bill passes Congress, sending cryptos higher
          <\/h4>\n

          US President Donald Trump\u2019s flagship Big Beautiful Bill, featuring sweeping tax cuts, narrowly passed the House of Representatives on July 3 with a 218 to 214 vote and now awaits his signature.<\/p>\n

          Elon Musk criticized the bill for potentially inflating the deficit by trillions, while Trump suggested Musk\u2019s criticism stemmed from policy clashes on EV incentives. <\/p>\n

          Coinbase Global (NASDAQ:COIN) CEO Brian Armstrong also raised concerns that a ballooning debt could paradoxically fuel Bitcoin\u2019s status as a reserve asset. <\/p>\n

          Bitcoin traded near US$109,886 after the news, with other leading coins including Ethereum and Solana also posting gains. The total crypto market cap climbed to US$3.39 trillion following the vote.<\/p>\n

          Bitcoin power shift as whales sell 500,000 BTC to institutions<\/h4>\n

          A major redistribution of Bitcoin is underway as long-time holders of large amounts of Bitcoin have sold off around 500,000 Bitcoin over the past year, worth more than US$50 billion at current prices. <\/p>\n

          According to a Bloomberg report, these sales are being absorbed almost equally by institutional buyers, including spot ETFs and corporate treasuries. That pattern is turning Bitcoin from a high-volatility speculative bet into a steadier institutional portfolio allocation. Despite consistent positive news for crypto in recent months, the asset has struggled to break through resistance around US$110,000, showing a consolidation phase.<\/p>\n

          Some of the whales cashing out are early holders dating back to Bitcoin\u2019s earliest cycles, Bloomberg reports, who are swapping Bitcoin for stock-linked deals instead of simply liquidating.<\/p>\n

          Russian giant Rostec to issue ruble-backed stablecoin<\/h4>\n

          State-owned Russian conglomerate Rostec is moving to launch a ruble-pegged stablecoin called RUBx and a payments network named RT-Pay before year-end, according to Russian state media. <\/p>\n

          The stablecoin will be anchored one-to-one with ruble deposits held in treasury accounts, and its code will be independently audited by CertiK. RT-Pay will integrate directly with Russia\u2019s banking system, aiming for instant settlement and smart contract functionality even outside business hours. <\/p>\n

          Rostec says its platform will follow Russia\u2019s anti-money-laundering and terrorism-financing requirements, in line with the Bank of Russia\u2019s rules. <\/p>\n

          The stablecoin will run on the Tron blockchain, with its smart contract code to be published on GitHub. <\/p>\n

          Coinbase\u2019s Base sees US$4 billion in outflows, Ethereum gains US$8.5 billion<\/h4>\n

          Coinbase\u2019s Layer 2 network Base has lost significant traction this year, registering US$4.3 billion in net outflows through cross-chain bridges, data shows.<\/p>\n

          This downturn is a sharp reversal from the US$3.8 billion of inflows Base attracted in 2024, when it led the sector in bridge activity. Meanwhile, Ethereum has staged a comeback, seeing US$8.5 billion in inflows compared to net outflows last year. <\/p>\n

          The slowdown in stablecoin supply growth on Base, now holding steady above US$4 billion since May, points to a maturing user base and declining trading volumes. <\/p>\n

          Bridges are key pieces of crypto infrastructure that allow assets to move between chains, supporting interoperability. <\/p>\n

          Nano Labs starts US$1 billion BNB buying plan with US$50 million purchase<\/h4>\n

          Hong Kong-based chipmaker Nano Labs (NASDAQ:NA) has made its first major move in an ambitious plan to hold up to 10 percent of Binance Coin (BNB) in circulation, snapping up US$50 million of BNB this week. <\/p>\n

          The company disclosed buying around 74,315 BNB at an average price of US$672, funded partly by convertible notes. <\/p>\n

          Nano Labs ultimately plans to allocate US$1 billion to BNB holdings, signaling a vote of confidence in Binance\u2019s ecosystem. However, its shares fell nearly 5 percent on Thursday and lost another 2 percent after hours, reflecting investor worries about its exposure to volatile crypto reserves. <\/p>\n

          Nano Labs\u2019 reserves, including Bitcoin, now stand around US$160 million in total. <\/span><\/p>\n<\/div>\n

          Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

          This post appeared first on investingnews.com<\/div>\n

          <\/p>\n","protected":false},"excerpt":{"rendered":"

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