According to @FoxNews, Senator Tim Scott stated that President Trump is urging further federal spending cuts and praised both Trump and Elon Musk for uncovering billions in wasted funds. Scott also mentioned that all of Dogecoin’s (DOGE) ongoing initiatives could become officially recognized if Republicans in Congress proceed with legislative support. For traders, this signals a potential catalyst for DOGE's price volatility and official adoption, increasing its relevance in the cryptocurrency market. Source: Fox News Twitter, June 4, 2025.

According to The White House on Twitter, President Donald J. Trump stated that 'THE ONE, BIG, BEAUTIFUL BILL' includes the single biggest spending cut in history (source: The White House, June 2, 2025). For crypto traders, significant government spending cuts may lead to decreased liquidity and tighter fiscal conditions, which historically can increase volatility for assets like Bitcoin and Ethereum. Market participants should monitor for shifts in investor sentiment and capital flows as traditional markets react to U.S. fiscal policy changes, potentially impacting crypto market price movements and trading volumes.