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BTC Price Climbs Above $109K After US House Passes Trump’s Tax Bill
The Bitcoin price has made a remarkable surge above the psychological level of $109,000 after the US House passed President Donald Trump’s sweeping tax and spending bill. This move is significant as it highlights a direct correlation between political events and the cryptocurrency market.
Initially, the BTC price plummeted to an intraday low of $108,600, reflecting uncertainty across markets. However, this downturn was short-lived as the price rebounded sharply, regaining key levels after the unexpected House vote. The bill’s approval sent shockwaves through the crypto space, with traders responding enthusiastically to the potential macroeconomic implications.
The passage of the tax bill is expected to boost government spending, leading to increased demand for assets like Bitcoin. This development has sparked renewed interest in the digital asset as investors seek a hedge against any potential inflationary pressures. Meanwhile, analysts attribute this move to dollar weakness, which may continue to support Bitcoin’s value.
It is crucial to note that the Senate had already passed the bill two days prior, and the legislation heads to President Trump for signature. This has set off a wave of optimism across the crypto space as investors anticipate further market-moving events in light of the evolving fiscal policy.
Source: coincentral.com
