Bitcoin dips below $118k amid regulatory caution
Bitcoin slipped below $118,000 on Thursday amid profit-taking and large-scale wallet moves, while traders turned cautious ahead of a White House crypto policy report due later this month and assessed evolving regulatory frameworks.
The world’s largest cryptocurrency last traded 0.6% lower at $117,780.9 as of 02:36 ET (06:36 GMT).
The token remained in a consolidation phase after surging to a record above $123,000 last week. Gains were tempered amid reported whale trades.
Meanwhile, other cryptocurrencies saw sharper losses, with XRP and Dogecoin leading declines after recent record highs.
White House to release crypto policy report this month
White House crypto adviser Bo Hines announced on X that the President’s Digital Asset Working Group has finalised its long‑awaited 180-day crypto policy report, set for public release on July 30.
The report, mandated by a January executive order, is expected to detail the amount of seized U.S. government-held Bitcoin and articulate how it might be managed.
In addition to the reserve outline, the working group is widely expected to propose a comprehensive regulatory framework.
Traders cautious, await crypto regulation progress
Investors remain on edge despite the U.S. House’s recent approval of three major crypto bills.
Last week, President Donald Trump signed into law the U.S. GENIUS Act, establishing a federal regulatory framework for stablecoins.
In addition to the GENIUS Act, the House of Representatives passed two other key bills. The CLARITY Act clarifies SEC and CFTC oversight, and the Anti‑CBDC Surveillance State Act is viewed as a pivotal step toward federal crypto regulation.
