U.S. Senate Approves Trump’s Tax Cut Bill with Tie-Breaking Vote

The U.S. Senate approved President Trump’s tax and spending bill on July 1, local time, following a 51-50 vote where Vice President Vance broke the tie. The bill now awaits approval from the House before the July 4 deadline.

The Senate’s Narrow Passage with Vice President’s Decisive Vote

The Senate passed President Trump’s tax cut and spending proposal with a vote split of 51-50. Vice President Vance’s decisive vote showcased a tight partisan division. Reactions among senators were varied, with some Republican members opposing the bill alongside Democrats. Notably, Rand Paul remarked, “The big not so beautiful bill has passed.”

Fiscal Moves Stir Market Speculation, Crypto Vigilant

Bitcoin (BTC) recently experienced a minor decline since July 1, 2025. CoinMarketCap data shows its current price at $105,713.29, with a market capitalization of $2.10 trillion. The 24-hour trading volume saw a modest gain of 6.73%. Its price over the last day decreased by 1.60%, though Bitcoin maintained a notable 27.18% rise over 90 days.

Coincu analysts suggest the current fiscal move may cause caution in crypto investments, potentially leading to shifts in BTC and ETH trading volumes. Long-term historical trends indicate macroeconomic uncertainty often influences market hedging behavior, yet the immediate response remains muted within cryptocurrency spheres.

Market Impacts and Future Outlook

Did you know? Historical tax policies in the U.S., like the 2017 Trump tax reform, often induced market rallies, including within the cryptocurrency sector, highlighting the interplay between fiscal decisions and investment behavior.

Speaker Mike Johnson is tasked with advancing the bill through the House to meet the holiday deadline, while crypto and financial markets watch for further cues.

Reactions among senators were varied, with some Republican members opposing the bill alongside Democrats. Notably, Rand Paul remarked, “The big not so beautiful bill has passed.”