Bitcoin price declines to one-week low following Trump's 68% tax warning
Bitcoin fell for a second straight day on Tuesday, as President Trump’s tax warning spooked investors.
The warning comes as Trump’s “big beautiful bill” faces a vote in the US Senate, with failure to pass this proposal potentially leading to tax hikes.
According to the US Commander-in-Chief, “The failure to pass means a whopping 68% Tax increase, the largest in history!!!”
One key opponent to the bill is Elon Musk, who was a major donor during Trump’s re-election campaign.
Musk stated, “Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!” If passed, it is reported that over $3 trillion could be added to the US national debt.
BTC/USD dropped to a one-week low of $106,362 on Tuesday, with investors instead rushing to XAUUSD. Gold had now rallied by over $100 to start the week.
Author
Eliman Dambell
Sayvio AI
With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.
