BTC Price Surge After US House Passes Tax Bill

Bitcoin (BTC) experienced a price rebound, surging from an intraday low of $108,600 to a high of $110,500. This followed the US House of Representatives' final vote to pass the "One Big Beautiful Bill," which now awaits presidential approval.

BTC Price Reaction to Tax Bill Passage

CoinMarketCap data shows Bitcoin trading above $109,000, aiming to reclaim the $110,000 psychological level. The US House vote saw 218 representatives in favor and 214 against the bill, according to Punchbowl News. This positive market response suggests investors view the bill as potentially inflationary, potentially weakening the US dollar and boosting the appeal of Bitcoin as an alternative asset.

Earlier in the day, BTC had dipped to $108,600 after reaching a high of $110,550. The bill's passage in the House, following its Senate approval, creates a bullish outlook, especially given potential increases in government spending and potential USD weakening. This follows a similar price rally two days prior when the Senate approved the bill.

Once signed by the President, the bill will likely increase government spending. This could lead to further USD weakening, potentially benefiting Bitcoin. Codeum, a platform specializing in blockchain security and development, offers various services to help navigate the complexities of the crypto market. Our services include smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies.