{"id":52669,"date":"2025-05-19T06:00:55","date_gmt":"2025-05-19T06:00:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-blasts-past-106k-is-trumps-remittance-tax-bill-cryptos-new-rocket-fuel\/"},"modified":"2025-05-19T06:00:55","modified_gmt":"2025-05-19T06:00:55","slug":"bitcoin-blasts-past-106k-is-trumps-remittance-tax-bill-cryptos-new-rocket-fuel","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-blasts-past-106k-is-trumps-remittance-tax-bill-cryptos-new-rocket-fuel\/","title":{"rendered":"Bitcoin blasts past $106K: is Trump&#8217;s remittance tax bill crypto&#8217;s new rocket fuel?"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/05\/image-71-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/05\/image-71-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/05\/image-71-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/05\/image-71-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li>Bitcoin price surged to $106,000 on Sunday, May 18, achieving its highest weekly close ever.<\/li>\n<li>The rally saw Bitcoin\u2019s market cap reach $2.11 trillion, liquidating over $44M in short positions.<\/li>\n<li>Trump\u2019s proposed 5% remittance tax on non-US citizens is seen as a key driver, likely pushing users to crypto.<\/li>\n<\/ul>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Bitcoin surged to a new peak over the weekend, reaching $106,000 per coin on Sunday, May 18, marking its highest valuation since early February of this year. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">This rally propelled the flagship cryptocurrency\u2019s market capitalization to an impressive $2.11 trillion and triggered significant liquidations in the derivatives market.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The recent price action reportedly culminated in the highest weekly closing price for Bitcoin to date, surpassing a previous benchmark of $104,298.70 set in December of the prior year. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Reports indicated that this surge led to the liquidation of over $44 million in short positions tied to Bitcoin across various derivatives platforms, underscoring the potent buying pressure.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Market observers point to two primary catalysts providing the impetus for Bitcoin\u2019s latest ascent. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">A significant factor appears to be a legislative proposal from US President Donald Trump, dubbed the \u201cbig, beautiful bill.\u201d <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">This package of legislative priorities includes a contentious five percent tax on remittances sent by non-US citizens residing in the US to their home countries.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The remittance tax ripple effect: a crypto catalyst?<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">This proposed remittance tax is projected to affect over 40 million individuals in the US who regularly send portions of their income to support families abroad. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">While the measure has faced opposition from countries like Mexico, President Trump\u2019s bill has reportedly advanced, having been cleared by the US House Budget Committee in a late-night vote on Sunday.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Analysts have voiced concerns that this bill could inadvertently drive migrants towards alternative, \u201cunauthorised channels\u201d such as cryptocurrencies to make remittances and circumvent the proposed tax. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Crypto advocacy group Coin Center has noted that self-hosted crypto wallets fall outside the purview of the bill, as they do not meet the definition of remittance-transfer providers. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">This potential shift towards crypto for cross-border payments is seen as a bullish driver for Bitcoin.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Regulatory horizon: stablecoin bill sparks optimism<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Another significant factor potentially fueling the increased buying interest in Bitcoin is the anticipation of upcoming regulation. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">For years, the cryptocurrency industry has advocated for clear regulatory frameworks as a means to formally integrate digital assets into the established financial system. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Now, a US bill specifically designed to regulate stablecoin issuers is slated to be taken up by the US Congress this week.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Republican Senator Bill Hagerty, one of the sponsors of the \u2018Guiding and Establishing National Innovation for US Stablecoins (Genius) Act,\u2019 expressed optimism about the legislative progress. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">\u201cNext week, the Senate will make history when we debate and pass the Genius Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,\u201d Hagerty was quoted as saying. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">According to a report by Coindesk, the bill was reportedly redrafted at the eleventh hour to address concerns raised by Democrats regarding consumer protection and national security elements. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The prospect of clearer rules for stablecoins, a cornerstone of the crypto ecosystem, is likely contributing to broader market confidence.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">A year of volatility: navigating economic crosscurrents<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Bitcoin\u2019s journey this year has been characterized by extreme price swings. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">These fluctuations have occurred amidst broader economic anxieties, including panic over the potential collapse of the US dollar, spurred by President Trump\u2019s imposition of tariffs on China and other nations. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">For instance, in April, Bitcoin\u2019s price experienced a sharp downturn, plummeting by 30 percent from its all-time high of nearly $110,000 to around $75,000 per coin, illustrating the asset\u2019s sensitivity to macroeconomic developments and market sentiment. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The current rally above $106,000 marks a significant recovery and a renewed wave of bullish momentum.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-blasts-past-106k-is-trumps-remittance-tax-bill-cryptos-new-rocket-fuel\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitcoin price surged to $106,000 on Sunday, May 18, achieving its highest weekly close ever. The rally saw Bitcoin\u2019s market cap reach $2.11 trillion, liquidating over $44M in short positions. Trump\u2019s proposed 5% remittance tax on non-US citizens is seen as [&hellip;]<\/p>\n","protected":false},"author":3947362378,"featured_media":52670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/52669"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362378"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=52669"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/52669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/52670"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=52669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=52669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=52669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}