Crypto Market Recap: Crypto Rallies As "Big, Beautiful Bill" Passes Congress
By Giann Liguid and Meagen Seatter | July 2, 2025, 1:05 PM PST
The cryptocurrency market experienced notable movements this week, driven largely by significant legislative developments and activities among major Bitcoin holders. Here is a comprehensive recap of the current crypto landscape as of Friday, July 4, 2025, at 12:00 noon UTC.
Bitcoin and Ethereum Price Update
Bitcoin (BTC) opened the day near $108,948, marking a slight decline of 1.6% over the preceding 24 hours. Its trading range spanned from a low of $107,741 to a high of $109,997. The rally toward the $108,000 mark was largely influenced by positive US labor data early in the day, which bolstered risk appetite among investors. Additionally, continued inflows totaling nearly $50 billion into Bitcoin spot exchange-traded funds (ETFs) helped stabilize the price amid a broader pullback in equity markets.
Nevertheless, volatility remains elevated, with particular attention focused on the reactivation of two long-dormant Bitcoin wallets holding a combined 20,000 BTC â now worth over $2 billion. This has sparked concerns about potential future sell-offs, adding to market uncertainty.
Ethereum (ETH) also faced downward pressure, trading at approximately $2,549.85, down 2.7% in the last 24 hours. Ethereumâs lowest point on Wednesday was $2,502.39, and it peaked at $2,600.55 during the period.
Altcoin Price Highlights
- Solana (SOL) enjoyed a notable surge, rising 5% to $150.30 within the last 24 hours. It traded between $146.61 and $153.26. – XRP edged down by 1.4% to $2.24, ranging from $2.21 to $2.28. – Sui (SUI) fell 3.6% to $2.92, fluctuating between $2.87 and $3.07. – Cardano (ADA) experienced a 3.1% drop, settling at $0.5817, with its lowest value recorded at $0.5715 and highest at $0.6028 during the timeframe.
Key Crypto News and Market Drivers
Trumpâs âBig, Beautiful Billâ Spurs Market Rally
President Donald Trumpâs signature legislative package, dubbed the âbig, beautiful bill,â has narrowly passed the House of Representatives with a 218â214 vote on July 3, 2025, and now awaits the Presidentâs signature. The bill features sweeping tax cuts aimed at stimulating economic growth.
Following the passage news, the crypto markets rallied, with Bitcoin briefly trading near $109,886. Other major cryptocurrencies like Ethereum and Solana also posted gains, contributing to a broader market cap increase to $3.39 trillion.
Despite the rally, the bill has raised concerns over the ballooning US national debt. Polymarket traders currently assign a 90% probability that US debt will surpass $38 trillion by year-end 2025. Elon Musk criticized the bill for the potential trillion-dollar inflation of the deficit, suggesting the policy could undermine fiscal stability. President Trump dismissed Muskâs objections as rooted in conflicting views over electric vehicle incentives.
Coinbase CEO Brian Armstrong chimed in with a nuanced perspective, highlighting that while the growing debt poses risks, it might conversely enhance Bitcoinâs appeal as a reserve asset amid fears about traditional fiat currencies.
Bitcoin Power Dynamics: Whales Selling, Institutions Buying
In a significant shift within the Bitcoin ecosystem, long-term whale investors have offloaded around 500,000 BTC over the past year â a value exceeding $50 billion at current prices. Bloomberg reports indicate these substantial sales have been absorbed almost equally by institutional buyers, including investments through spot Bitcoin ETFs and corporate treasuries.
This redistribution signals a maturing of Bitcoinâs market profile, as it transitions from a high-volatility speculative asset toward a steadier component of institutional portfolios.
However, despite these bullish undercurrents and heavy volume moves, Bitcoin has struggled to decisively break above the $110,000 resistance level, indicating a consolidation phase in price.
Many whales involved in these sales are early adopters from Bitcoinâs infancy, opting to swap BTC for equity-linked deals rather than outright liquidation.
Rostec to Launch Ruble-Backed Stablecoin in Russia
State-owned Russian conglomerate Rostec announced plans to issue a ruble-pegged stablecoin named RUBx and has announced the upcoming launch of RT-Pay, a proprietary payments network, expected before the end of 2025. The stablecoin will be backed one-to-one by ruble deposits held in treasury accounts and will undergo independent auditing through CertiK to ensure security and compliance. RT-Pay is designed to integrate directly with Russiaâs existing banking infrastructure, facilitating instant settlements and smart contract functionality, including operations outside normal business hours.
Rostec has confirmed that the platform will adhere strictly to Russiaâs anti-money laundering and counter-terrorism financing regulations, in alignment with the Bank of Russiaâs framework. The blockchain underpinning RUBx will be Tron, and all smart contract code will be published publicly on GitHub.
Coinbaseâs Base Layer 2 Network Faces Outflows Amid Ethereum Gains
Coinbaseâs Layer 2 blockchain network, Base, has experienced a significant reversal in adoption this year. Data reveals net outflows via cross-chain bridges amounting to $4.3 billion, contrasting sharply with $3.8 billion in inflows during 2024. This change indicates a slowing momentum for Base as its user base stabilizes and trading volumes decline.
On the other hand, Ethereum has staged a comeback with $8.5 billion in inflows, after witnessing net outflows last year. Cross-chain bridges remain critical for crypto interoperability, enabling asset transfers across different blockchains.
Nano Labs Begins $1 Billion Binance Coin (BNB) Buying Initiative
Nano Labs, a Hong Kong-based chipmaker listed on NASDAQ (ticker: NA), has initiated its ambitious strategy to acquire up to 10% of Binance Coinâs circulating supply. The company made its first major purchase by acquiring approximately 74,315 BNB, valued around $50 million at an average price of $672 per coin. This acquisition was partly financed through convertible notes.
Nano Labs aims to allocate as much as $1 billion towards BNB holdings, signaling strong confidence in Binanceâs ecosystem despite recent volatility. However, the companyâs stock reacted negatively, falling nearly 5% on Thursday and another 2% after hours, reflecting investor wariness of exposure to volatile crypto reserves. Currently, Nano Labs holds crypto reserves approximating $160 million, including Bitcoin.
Conclusion
The cryptocurrency market remains dynamic amid significant legislative developments, major player movements, and emerging institutional participation. The passage of President Trumpâs âbig, beautiful billâ has acted as a catalyst for market gains, while evolving ownership patterns suggest increased institutional maturity for Bitcoin. Additionally, new stablecoin initiatives and layer 2 network dynamics underscore the innovation continuing within the space.
Investors are advised to closely monitor ongoing developments, particularly concerning regulatory impacts and major wallet activities, which have the potential to drive future market volatility.
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Disclosure: The authors hold no direct investment interests in any companies mentioned in this article.