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 a noticeable rally following the recent passage of President Donald Trumpâs landmark âbig, beautiful billâ through the U.S. Congress. Despite some volatility and concerns among investors, the sector shows signs of resilience as institutional adoption continues to accelerate.
Bitcoin and Ethereum Price Movements
As of midday on July 4, 2025 (UTC), Bitcoin (BTC) was trading at approximately $108,948 USD, marking a slight decline of 1.6% in the last 24 hours. The cryptocurrency’s price fluctuated between a low of $107,741 and a high nearly hitting $110,000. Bitcoinâs recent upward momentum was initially fueled by robust U.S. labor data, which boosted risk appetite among investors early in the day, coupled with sustained inflows into Bitcoin spot ETFs totaling nearly $50 billion. These inflows helped stabilize Bitcoinâs price despite concurrent pullbacks in broader equity markets.
Ethereum (ETH) meanwhile was priced at $2,549.85 USD, down 2.7% over the previous 24 hours, with its range coming between $2,502.39 and $2,600.55. Altcoins showed mixed results, with Solana (SOL) increasing by 5% to $150.30, whereas XRP, Sui (SUI), and Cardano (ADA) all saw mild declines ranging from 1.4% to 3.6%.
Market Dynamics: Dormant Wallets and Whalesâ Activity
Market observers noted increased volatility tied to the reactivation of two dormant Bitcoin wallets holding around 20,000 BTC, worth over $2 billion. Such activity has sparked concerns among investors about potential large-scale sell-offs.
Moreover, a significant redistribution of Bitcoin is underway: long-term whales have reportedly sold approximately 500,000 BTC over the past year, valued at more than $50 billion at current prices. Bloomberg reports that these sales have been largely absorbed by institutional investors, including spot ETFs and corporate treasuries. This shift is viewed as part of Bitcoinâs evolution from a high-volatility speculative asset to a steadier component in institutional portfolios. Interestingly, some whales are not purely liquidating their holdings; instead, they are exchanging BTC for stock-linked deals, indicative of strategic repositioning.
Political Developments Spark Market Moves
The passage of President Trumpâs âbig, beautiful billâ in the House of Representatives on July 3, with a narrow margin of 218â214 votes, played a key role in boosting crypto markets. The bill primarily features sweeping tax cuts and now awaits presidential signature.
The legislation, though welcomed by some market participants, has ignited apprehension over its impact on the national debt. Predictions from platforms like Polymarket assign a 90% probability that the U.S. debt will surpass $38 trillion by 2025. Bitcoin briefly climbed to near $109,886 following these developments, and other major cryptocurrencies, including Ethereum and Solana, posted gains.
Prominent figures voiced mixed reactions; Elon Musk criticized the bill for its potential to inflate the federal deficit by trillions, while President Trump attributed Muskâs opposition partly to disagreements over electric vehicle subsidies. Coinbase CEO Brian Armstrong highlighted a paradoxical dynamic: although rising debt poses risks, it might simultaneously bolster Bitcoinâs appeal as a reserve asset amid concerns about fiat currency stability.
Following the vote, the total cryptocurrency market capitalization rose to $3.39 trillion.
Noteworthy Crypto Industry Updates
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Russian Stablecoin Initiative: Rostec, a Russian state-owned conglomerate, announced plans to launch a ruble-backed stablecoin named RUBx and an associated payments network called RT-Pay before the end of 2025. The stablecoin will be pegged one-for-one with ruble deposits in treasury accounts and audited independently by CertiK. Running on the Tron blockchain, with open-source smart contract code on GitHub, RT-Pay aims to integrate directly with Russiaâs banking system, enable instant settlements, and comply with anti-money laundering regulations.
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Coinbaseâs Base Network Outflows: Coinbaseâs Layer 2 network Base experienced $4.3 billion in net outflows through cross-chain bridges in 2025, reversing its 2024 inflow momentum of $3.8 billion. This suggests a maturing user base and reduced trading volumes. Conversely, Ethereum saw a resurgence with $8.5 billion in inflows compared to net outflows last year.
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Nano Labsâ Binance Coin Purchase: Hong Kong-based chipmaker Nano Labs (NASDAQ: NA) initiated an ambitious plan to hold up to 10% of Binance Coin (BNB) in circulation by announcing a $50 million purchase of approximately 74,315 BNB at an average price of $672. Funded partly by convertible notes, Nano Labs aims to allocate up to $1 billion for BNB acquisition, signaling strong confidence in Binanceâs ecosystem. Despite this, Nano Labsâ stock experienced a slight decline, reflecting investor caution over crypto-related exposure. Their total crypto reserves, including Bitcoin, now approximate $160 million.
Outlook and Final Thoughts
While Bitcoin continues to consolidate below the $110,000 resistance level amid major market shifts, the broader cryptocurrency space is demonstrating growing maturity and institutional interest. The intertwining of fiscal policy, market dynamics, and technological innovation continues to shape the crypto landscape moving into the second half of 2025. For ongoing coverage and updates on cryptocurrency markets, stay connected with Investing News Networkâs technology team.
Connect with the authors:
Giann Liguid: Twitter | LinkedIn
Meagen Seatter: Investment Market Content Specialist at Investing News Network
This article is for informational purposes only and does not constitute financial advice. The authors hold no direct investment interest in any company mentioned.