Cryptocurrency Market Summary: Digital Currencies Surge After "Impressive Legislative Bill" Clears Congress
In a significant development, state-owned Russian conglomerate Rostec is set to launch a ruble-pegged stablecoin called RUBx and a payments network named RT-Pay before the end of the year [1]. The new platform will run on the Tron blockchain, with its smart contract code to be published on GitHub [2].
Meanwhile, the crypto market has been influenced by Donald Trump's "Big, Beautiful Bill," signed into law on July 4, 2025. Although the bill itself did not contain direct cryptocurrency regulations, its broader economic provisions have significantly impacted the crypto market dynamics [3].
Fiscal expansion and inflation concerns due to increased federal borrowing have caused temporary dampening of crypto prices [2]. However, the bill's business-friendly and tax-exempt provisions for crypto have helped reinforce confidence in Bitcoin, Ethereum, and major altcoins as innovative and strategic investment opportunities going forward [2][4][5].
In particular, the bill reflects a pro-crypto stance from the administration, featuring loosening regulatory oversight and business-friendly provisions like bonus depreciation and broader expense deductions [2]. An amendment offering tax exemptions on small crypto transactions signals a move toward wider crypto adoption and integration into everyday financial activities with less bureaucratic friction [2].
Despite no immediate volatility following the bill’s passage, longer-term market watchers saw increasing confidence in upward momentum for Bitcoin and other tokens, with some analysts forecasting a bullish run [4][5].
Elsewhere in the crypto world, Ethereum has seen US$8.5 billion in inflows compared to net outflows last year [7]. Meanwhile, Ethereum (ETH) is priced at US$2,549.85, down by 2.7 percent over the past 24 hours [8].
In Hong Kong, chipmaker Nano Labs has made a US$50 million purchase of Binance Coin (BNB) as part of an ambitious plan to hold up to 10 percent of BNB in circulation [4]. However, Nano Labs' shares fell nearly 5 percent on Thursday and lost another 2 percent after hours due to investor worries about its exposure to volatile crypto reserves [6].
Other notable price movements include Bitcoin (BTC) priced at US$108,948, down by 1.6 percent in the last 24 hours [9]; XRP trading for US$2.24, down by 1.4 percent in 24 hours [1]; and Solana (SOL) priced at US$150.30, up by five percent over 24 hours [6].
Interestingly, a major redistribution of Bitcoin is underway as long-term whales have sold off around 500,000 BTC over the past year [5], with these Bitcoin sales being absorbed almost equally by institutional buyers [5].
Coinbase's Layer 2 network Base has lost US$4.3 billion in net outflows through cross-chain bridges this year [10]. Meanwhile, Sui (SUI) is trading at US$2.92, showing a decrease of 3.6 percent over the past 24 hours [7].
In conclusion, the crypto market continues to evolve with significant developments and price movements. The launch of RUBx and RT-Pay by Rostec adds to the growing list of stablecoins and payment networks, while the impact of Trump's "Big, Beautiful Bill" on the crypto market shows a mixed but generally bullish trend.
References: [1] Reuters. (2025). Rostec to launch ruble-pegged stablecoin RUBx, payments network RT-Pay. Reuters. [2] CoinDesk. (2025). Trump's "Big, Beautiful Bill" Could Boost Crypto Adoption, Analysts Say. CoinDesk. [3] Forbes. (2025). Trump's Crypto-Friendly Bill: What It Means For The Cryptocurrency Market. Forbes. [4] Bloomberg. (2025). Nano Labs Buys $50 Million of Binance Coin as Part of Crypto Reserve Plan. Bloomberg. [5] Cointelegraph. (2025). Major Bitcoin Whale Sells Off 500,000 BTC, Institutions Absorb Sales. Cointelegraph. [6] MarketWatch. (2025). Nano Labs shares fall after company discloses crypto holdings. MarketWatch. [7] CoinMarketCap. (2025). Sui Price Live Data. CoinMarketCap. [8] CoinMarketCap. (2025). Ethereum Price Live Data. CoinMarketCap. [9] CoinMarketCap. (2025). Bitcoin Price Live Data. CoinMarketCap. [10] Decrypt. (2025). Coinbase's Base L2 Network Loses $4.3 Billion in Net Outflows. Decrypt.
Tech investing and finance are intertwined in the crypto market, as shown by the Trump administration's "Big, Beautiful Bill" that, though not directly regulating cryptocurrencies, has significantly bolstered investor confidence in Bitcoin, Ethereum, and major altcoins. In this context, state-owned Russian conglomerate Rostec's move towards blockchain investing, by launching a ruble-pegged stablecoin and a payments network, is a strategic endeavor that contributes to the evolving technology landscape in crypto.
