Trump’s ’Big, Beautiful Bill’ Sparks Market Chaos: XRP, SOL, DOGE Tumble as Trade Tensions Flare
Altcoins take a hit as political turbulence rattles crypto markets—again.
XRP, Solana, and Dogecoin led the downturn after former President Trump reignited trade war fears with his latest legislative move. The so-called 'Big, Beautiful Bill' sent shockwaves through risk assets, proving crypto still dances to macro’s tune.
Market jitters or overreaction? Either way, traders got another reminder that ‘decentralized’ doesn’t mean ‘detached’—especially when Washington starts swinging its policy hammer.
(And let’s be honest—when has Congress ever made anything ‘big’ and ‘beautiful’ besides the national debt?)
Trump's "Big, Beautiful Bill"
Meanwhile, Trump’s “Big, Beautiful Bill” passed its final hurdle in Congress on Thursday.
Tesla CEO and former Trump ally called the bill a “disgusting abomination” back in June. He then went on a public social media tirade, claiming Trump was named in files relating to convicted child sex offender Jeffrey Epstein. Trump later claimed Musk only turned on him once the richest man in the world discovered that the "Big, Beautiful Bill" would cut a mandate relating to electric vehicles—the core of Musk's Tesla business.
Arthur Hayes, co-founder of crypto exchange BitMEX, predicted that the bill could result in Bitcoin testing $90,000 this year, despite previously predicting the leading crypto would hit $250,000 this year. Hayes argued that the Treasury would refill its General Account, which may act as a potential liquidity drain from assets like Bitcoin.
However, Bitcoin has traded sideways since the passing of the bill, with altcoins being the hardest hit.
