XRPUSD – Daily Chart – 020725
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Bitcoin Drops to $105k on Crypto Tax Disappointment
While XRP dropped amid legal uncertainties, bitcoin (BTC) extended its losses from June 30 as investors reacted to the One Big Beautiful Bill Act (OBBB) vote on July 1. Hopes of amendments to crypto taxation, including capital gains ended, with lawmakers passing the bill without crypto tax exemptions.
Senator Cynthia Lummis had previously indicated she would address current taxation on crypto miners and stakers, stating:
“For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it. It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.”
US BTC-Spot ETF Market Snaps Sixteen-Day Inflow Streak
The absence of crypto tax amendments and…
