Crypto News Today July 1 : Trump Musk, Big Beautiful Bill, Ripple (XRP) Price and Pi Network

U.S. President Donald Trump said Tuesday that Elon Musk is angry about losing the electric vehicle mandate in the latest tax and spending bill. Trump warned the Tesla CEO “could lose a lot more,” hinting at further action. He also proposed a review of government subsidies given to Musk’s companies. The remarks deepen the ongoing public clash between Trump and Musk, the world’s richest man.

Australian crypto exchange Swyftx is acquiring boutique brokerage Caleb & Brown in a deal worth over AU$100 million (US$65.8M), marking the biggest crypto acquisition in Australia and New Zealand. The move will help Swyftx expand into the U.S. market, targeting high-net-worth clients. This follows its earlier purchase of New Zealand’s Easy Crypto. With nearly 300 employees post-deal, Swyftx aims to become a leading global player in personalized crypto services for wealthy investors.

Russian-British national Mikhail Vlasov appeared in a London court on Tuesday, charged with sending crypto to pro-Russian separatist groups in Ukraine to fund weapons and military gear. He faces eight counts of violating UK sanctions tied to the Donetsk and Luhansk regions, involving around £4,000 in payments. Prosecutors say the funds supported militias fighting alongside Russian forces. Vlasov pleaded not guilty and is out on bail pending a later court appearance.

Germany’s Sparkassen group, including subsidiary DekaBank, will launch Bitcoin and crypto trading by summer 2026, directly via the Sparkasse app. This marks a major shift from its 2021 stance against crypto. The move reflects growing institutional interest, with rival group Volksbanken also entering the space. While the Sparkassen Finance Group aims to provide secure, regulated access, it warns customers that crypto remains highly speculative, volatile, and prone to risks like fraud and hacking.

If President Donald Trump truly wants to achieve his economic goals, like lower inflation, reduced rates, and trade balance, a simple solution exists: eliminate the U.S. deficit. Cutting deficit spending would ease Treasury issuance, lowering yields, calming the bond market, and giving the Fed room to cut rates. Ironically, that would even strengthen Trump’s tariff game. As Elon Musk keeps warning about the growing U.S. debt, more people are starting to pay attention. The real solution for the future is clear: spend responsibly. If things don’t change, many believe the country could face bankruptcy—it’s not just a risk, it’s where we’re headed.

From being sued and sidelined to now nearing Wall Street legitimacy—XRP’s comeback story is gaining momentum. Bloomberg has increased the chances of a spot XRP ETF approval to a whopping 95%. Once dismissed as a regulatory target, XRP is now seen as a serious player in institutional finance. As one crypto watcher put it: “XRP wasn’t the villain. It was the prologue.”

Ripple CEO Brad Garlinghouse showed his strong support for XRP by sharing a photo of a new XRP logo tattoo on his forearm. The post went viral after crypto influencer Digital Asset Investor shared it, noting that a Harvard MBA holder over 50 getting a tattoo is a serious sign of long-term belief—not just a random act. Garlinghouse simply replied with, “1,000%.”

On July 1, 2025, Bitcoin is trading at $106,537, showing slight weakness after a failed breakout above $108,800. Intraday range remains narrow, with support at $106,000 and resistance near $108,000. Technical indicators suggest mixed momentum, while longer-term moving averages remain bullish. Traders expect increased volatility this July, especially if BTC breaks below $106K or climbs past $108K. Market sentiment is cautious, with short-term bearish bias.

The crypto market is down today mainly due to heavy selling by miners, ongoing high interest rates from the US Federal Reserve, and negative sentiment sparked by the public feud between Elon Musk and Donald Trump. Additional factors include large whale sell-offs, leveraged liquidations, and cautious investor sentiment, leading to widespread declines across top cryptocurrencies.

DOGE is reportedly urging the SEC to ease regulations on SPACs and private fund reporting, aiming to lower compliance costs and streamline public listings. The move follows Trump’s February executive order directing DOGE to identify and eliminate costly federal regulations. Critics warn the changes could reduce transparency and increase risk, raising concerns about political interference in financial oversight.

No — as of July 1, 2025, the Senate has not passed the “Big Beautiful Bill.” Republicans remain locked in a marathon “vote‑a‑rama” on amendments, working feverishly to secure a majority. GOP unity is fractured between moderates and conservatives, and key provisions—like state-level AI regulation bans—have already been stripped out. With no final Senate vote yet and the July 4 deadline looming, its passage remains uncertain.