Crypto Market Recap: Crypto Rallies As “Big, Beautiful Bill” Passes Congress

Bitcoin and Ethereum price update

Bitcoin (BTC) 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.

Bitcoin price performance, July 4, 2025.

Chart via TradingView

Bitcoin’s 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.

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.

Ethereum (ETH) 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.

Altcoin price update

• Solana (SOL) was priced at US$150.30, up by five percent over 24 hours. Its highest valuation as of Friday was US$153.26, and its lowest was US$146.61.

• XRP 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.

• Sui (SUI) is trading at US$2.92, showing a decrease of 3.6 percent over the past 24 hours. Its lowest valuation was US$2.87 and its highest was US$3.07.

• Cardano (ADA) 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.

Today’s crypto news to know

Trump’s “big, beautiful bill” passes Congress, sending crypto markets higher

President Donald Trump’s flagship “big, beautiful bill,” featuring sweeping tax cuts, narrowly passed the House of Representatives on July 3 with a 218–214 vote and now awaits his signature.

The legislation has stirred concern over the national debt, with Polymarket traders assigning a 90 percent probability of US debt exceeding US$38 trillion by 2025. Bitcoin traded near US$109,886 after the news, with other leading coins including Ethereum and Solana also posting gains.

Elon Musk criticized the bill for potentially inflating the deficit by trillions, while Trump suggested Musk’s criticism stemmed from policy clashes on EV incentives.

Coinbase CEO Brian Armstrong also raised concerns that a ballooning debt could paradoxically fuel Bitcoin’s status as a reserve asset, despite supporting crypto adoption.

The total crypto market cap climbed to US$3.39 trillion following the vote.

Bitcoin power shift as whales sell 500,000 BTC to institutions

A major redistribution of Bitcoin is underway as long-term whales have sold off around 500,000 BTC over the past year, worth more than US$50 billion at current prices.

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 steady bullish headlines, the asset has struggled to break through resistance around $110,000, showing a consolidation phase rather than a breakout.

Some of the whales cashing out are early holders dating back to Bitcoin’s earliest cycles, who are swapping BTC for stock-linked deals instead of simply liquidating.

Russian giant Rostec to issue ruble-backed stablecoin

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 TASS.

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’s banking system, aiming for instant settlement and smart contract functionality even outside business hours.

Rostec says its platform will follow Russia’s anti-money-laundering and terrorism-financing requirements, in line with the Bank of Russia’s rules.

The stablecoin will run on the Tron blockchain, with its smart contract code to be published on GitHub.

Coinbase’s Base sees US$4 billion in outflows while Ethereum gains US$8.5 billion

Coinbase’s Layer 2 network Base has lost significant traction this year, registering US$4.3 billion in net outflows through cross-chain bridges, data shows.

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.

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

Bridges are key pieces of crypto infrastructure that allow assets to move between chains, supporting interoperability.

Nano Labs starts US$1 billion BNB buying plan with US$50M purchase

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.

The company disclosed buying around 74,315 BNB at an average price of US$672, funded partly by convertible notes.

Nano Labs ultimately plans to allocate US$1 billion to BNB holdings, signaling a vote of confidence in Binance’s 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. Nano Labs’ reserves, including Bitcoin, now stand around US$160 million in total.