- The cryptography market was faced with a drop on Tuesday, Bitcoin falling to $ 105,000.
- The best altcoins Ethereum, XRP and Solana decreased by 3.2%, 3%and 4%respectively.
- The decline occurs in the midst of the US Senate approval of a major bill, reviving the tensions between President Trump and Elon Musk.
Bitcoin (BTC) is down 1.5% during the first Asian session on Wednesday while the cryptography market saw a slowdown after new political tensions between the American president Donald Trump and the CEO of Tesla, Elon Musk, “One Big Beautiful Bill”, which has very much exceeded the Senate.
Bitcoin, Altcoins withdrew while Big Beautiful Bill exceeds the Senate
President Donald Trump, a major bill (OBBB), narrowly adopted the Senate on Tuesday after a vote of 51-50 by legislators. The voting process ended with an equality break from Vice-President JD Vance after more than 24 hours of debate.
The bill now returns to the House – where it was presented for the first time – for an examination of the amendments brought by the Senate legislators as the deadline of Trump of July 4 for the bill to reach its office approaches.
The One Big Beautiful Bill law is tax legislation and expenses led by Trump, which combines tax reductions, expenditure initiatives and political modifications to extend the tax legislation of its previous administration. The bill has received criticism from politicians for its potential to increase the ceiling of the American debt by 3 billions of dollars.
This also aroused a new wave of criticism from Elon Musk, who rekindled the tensions between the CEO of Tesla and Trump on Tuesday.
Musk reiterated his point of view on the potential impact of the American national debt bill, adding that he could form a third political party in the United States if the bill adopts the Senate.
Trump has rejected criticism, saying that they are based from the elimination of tax credits by electric vehicles by the bill (EV), which are currently benefiting Musk companies.
“Elon Musk knew, well before he taught me strongly for the president, that I was against the EV mandate,” wrote Trump in a social article on Truth on Monday.
Trump also proposed that the Government Ministry of Effectiveness (DOGE), that Musk will be directed earlier in the year, be used to withdraw these subsidies from Tesla CEO, saying that this decision would save the United States “a fortune”.
The quarrel revived between Trump and Musk resulted in a 4% drop in the cryptography market in the last 24 hours. Bitcoin fell in $ 105,000, lowering 1.5% the day after a brief increase at $ 108,700 on Monday.
The main Altcoins Ethereum (ETH), XRP and Solana (soil) also decreased by 3.2%, 3%and 4%respectively due to increasing political tensions. In particular, the part of the same part was slightly affected by development, because the main Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE tokens have decreased by 4%, 2%and 4%respectively.
Artificial intelligence tokens (AI) have also been weakened by political developments, with the best Bittensor tokens (TAO), near the protocol (near) and the Internet computer (ICP) confronted with 4%, 4%and 3%declines.
While the market has been down since the bill, analysts of the letter from Kobeissi note That its impact could lead to a rally in long -term risk assets, since it could help calm the bond market and allow the Federal Reserve (Fed) to reduce rates.
