Bitcoin and the broader crypto market are enjoying a solid upswing today, fueling hopes that a new bull run might be underway.
Bitcoin has surged past the key resistance level of $110,000 for the first time in nearly a month, lifting the entire crypto market along with it. Many altcoins are also posting impressive gains, with standouts like Fartcoin jumping 11.73%, Dogwifhat rising 11.33%, and Celestia climbing 11.16%.
Thanks to the rally, total 24-hour trading volume across both centralized and decentralized exchanges has spiked over 30%, hitting $133 billion. Meanwhile, the combined market capitalization of all crypto assets has grown by 3%, now standing at $3.4 trillion.
Big Beautiful Bill Sparks Optimism
One of the biggest drivers behind today’s rally is renewed optimism around the so-called “Big Beautiful Bill,” a key piece of legislation championed by former President Donald Trump. The Senate passed its version earlier this week, and the White House is reportedly working to win over the remaining holdouts in the House of Representatives.
Investors see the bill as bullish for Bitcoin, viewing the cryptocurrency as a safe-haven asset. As the bill could substantially increase U.S. debt levels, some investors are looking to Bitcoin as protection against potential dollar debasement a sentiment echoed by major institutions like BlackRock.
Additionally, the bill includes tax cuts, such as exemptions on tips and overtime pay. As seen during the pandemic, these kinds of tax breaks can sometimes funnel extra cash into both the stock and crypto markets.
Hopes for Fed Rate Cuts Boost Crypto
Crypto markets are also rallying on growing expectations that the Federal Reserve may cut interest rates later this year. Goldman Sachs analysts are forecasting rate cuts in September, November, and December, while Morgan Stanley even predicts seven cuts coming in 2026.
Historically, crypto assets tend to thrive when interest rates fall. During the pandemic, Bitcoin and many altcoins soared to all-time highs as the Fed slashed rates to zero. However, much of those gains were wiped out in 2022 when rates surged in response to high inflation.
Institutional Demand Continues to Grow
Another factor fueling the current crypto surge is strong institutional interest. Spot Bitcoin and Ethereum ETFs in the U.S. continue to see inflows. Bitcoin ETFs are now closing in on $50 billion in cumulative inflows, while Ethereum ETFs have surpassed $4.25 billion.
Corporations are also getting deeper into crypto. Companies like Strategy, Mara, and MetaPlanet have been adding Bitcoin and other digital assets to their balance sheets.
Dom Harz, co-founder of BOB, highlighted the significance of this trend in a note to crypto.news:
“What’s particularly telling is the sustained institutional interest, especially from public companies purchasing Bitcoin as a treasury asset. For the third consecutive quarter, public companies have acquired more Bitcoin than ETFs have. This is a powerful signal of long-term conviction.”
Regulatory Clarity Lends Support
Lastly, the crypto rally is being bolstered by increasing regulatory clarity in the U.S. The GENIUS Act is expected to become law soon, and the Securities and Exchange Commission has recently signaled a more supportive approach toward the decentralized finance (DeFi) sector.
This regulatory shift could open the door for even more institutional and retail investors to enter the crypto space, further fueling momentum across digital assets.
