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Bitcoin Price Today: Fluctuates Around $119K Ahead of Fed Meeting and Tariff Deadline
Bitcoin Price Today: Fluctuates Around $119K Ahead of Fed Meeting and Tariff Deadline
Bitcoin remained within a narrow range around $119,000 on Tuesday as investors awaited clarity on U.S. trade talks and showed caution ahead of the upcoming Federal Reserve decision on monetary policy.
The world’s largest cryptocurrency traded sideways for most of July after hitting an all-time high above $123,000 earlier this month.
As of 09:35 (UTC+3), it had dropped 0.4% to $119,001.6.
Despite the recent decline, Bitcoin is on track for its fourth consecutive monthly gain.
Trump Tariff Deadline Approaches on August 1; Fed Decision Expected
Markets are seeking more clarity regarding ongoing U.S. trade negotiations with partners ahead of the August 1 deadline, after which Washington plans to implement additional tariffs if no concrete agreements are reached.
Traders are also being cautious ahead of the Federal Reserve’s Wednesday decision. The U.S. central bank is expected to leave interest rates unchanged, but investors will closely watch for any signals regarding the future of monetary policy—especially with inflation still above the Fed’s 2% target.
Persistently high interest rates in the U.S. have pressured speculative assets this year, and traders are hoping for more guidance on whether the Fed may start easing policy later in 2025.
Adding to the cautious mood is a key U.S. Treasury Department report on crypto regulation, due on July 30. The report is expected to provide more details on stablecoin oversight, tax policy, and potential enforcement actions, which could have significant consequences for crypto markets.
SEC Delays Decision on Trump-Backed Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Truth Social Spot Bitcoin ETF application until September 18, extending the review period beyond the original August 4 deadline.
The delay is part of a broader regulatory stance under new SEC Chair Paul Atkins, who has paused consideration of high-profile crypto ETF applications for further evaluation.
The ETF proposal from Truth Social was submitted in June by Trump Media & Technology Group (NASDAQ:DJT) under the trust structure of NYSE Arca.
Crypto Prices Today: Altcoins Slide; Dogecoin and $TRUMP Lead Losses
Most altcoins also declined on Tuesday, showing steeper losses compared to Bitcoin.
Ethereum — the world’s second-largest cryptocurrency — fell 2.5% to $3,816.49.
XRP, the third-largest, dropped 4.2% to $3.15.
Solana dropped 4.5%, Cardano slid 5.5%, and Polygon fell 5.3%.
Among meme tokens, Dogecoin plunged 7%, while $TRUMP lost over 6%.
See also: "BNB Sets New Price High Above $850, Eyes $1000 Target"
