Market Update: Bitcoin Remains Strong, XRP and Cardano Pull Back
On U.S. Independence Day, traditional markets are closed, but the crypto market?
On US Independence Day, traditional exchanges are closed, but the crypto market? It keeps on going. And as is often the case in moments like this, that leads to strong price swings.
Bitcoin is holding up well and defending the $109,000 level as if it wrote its own declaration of independence. The total market cap is meanwhile sliding to $3.36 trillion, about a $30 billion loss from yesterday.
Bitcoin dominance rises to 64.9%, just a hair away from its four-year high. But for many altcoins it's not party time today:
- Ethereum loses 1.95% and trades around $2,550
- XRP slides 2.7% to $2.23
- Cardano takes the biggest hit, down 3.9% to $0.58
With the U.S. stock markets closed, volatility tends to pick up in crypto. Without fixed opening times and with 24/7 liquidity access, investors react faster and more emotionally to uncertainty, with all the price spikes and dips that come with it.
Yesterday, the U.S. S&P 500 closed at a record high of 6,279, after jobs data topped expectations. A temporary cease-fire in the Middle East also boosted sentiment in the markets.
Later today, President Donald Trump is expected to sign his long‑promised "Big Beautiful Bill" on this symbolic Fourth of July, an ambitious tax package that, despite strong opposition, has been approved by both the Senate and Congress.
For crypto investors, there isn't much to cheer about in that package yet: tax perks for Bitcoin and the like are not included. Senator Cynthia Lummis is meanwhile pushing a separate bill to ease the tax burden on American crypto holders.
Economists warn that the 'big, gorgeous' bill could push U.S. debt by $3.3 to $5 trillion over the next decade. And inflation pressure is exactly fuel for the Bitcoin-as-digital-gold story.
In short: while altcoins sweat, Bitcoin stays cool-headed. Independence Day proves yet again to be a day of a power split in the crypto market.
