Bitcoin retreated below a key psychological level early Thursday as crypto traders navigated regulatory uncertainty, profit-taking, and volatility across the broader market.
BTC hovers near $117,780 after record-setting rally
As of 02:36 ET on July 24, Bitcoin was down 0.6%, trading at $117,780.90, following a sharp pullback from last week’s all-time high above $123,000. The world’s largest cryptocurrency remains in a consolidation phase, with analysts attributing the decline to both automated selling and whale activity.
- Profit-taking followed a surge that pushed BTC above $123K last week
- Breach of $118K triggered automated sell-offs
- Traders cautious ahead of new White House crypto policy
White House policy report looms large
A significant catalyst on the horizon is the White House’s upcoming 180-day crypto policy report, scheduled for release on July 30.
Bo Hines, White House crypto adviser, said the report will outline how the government intends to manage seized Bitcoin reserves and offer a federal regulatory framework for digital assets.
This report stems from a January executive order and could shape how crypto markets operate under the next regulatory cycle.
Crypto regulation bills spark uncertainty
Recent passage of three major bills by the U.S. House—GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act—has added momentum to federal crypto oversight. However, only the GENIUS Act has been signed into law by President Trump, while the others await Senate review.
- GENIUS Act: Establishes rules for stablecoins
- CLARITY Act: Clarifies SEC vs. CFTC oversight
- Anti-CBDC Act: Pushes back on government digital currencies
Despite these steps, traders remain uncertain about their long-term impact, awaiting Senate action and further policy clarity.
Altcoins fall sharply; Ethereum, XRP, Dogecoin lead declines
While Bitcoin’s losses were modest, altcoins were hit significantly harder:
- XRP: -12.4% to $3.05
- Dogecoin (DOGE): -14%
- Ethereum (ETH): -4% to $3,552.81
- Solana (SOL): -9.4%
- Cardano (ADA): -11.4%
- Polygon (MATIC): -11%
- $TRUMP token: -12%
The sell-off appears to have been driven by automated liquidations and waning retail sentiment, particularly after recent multi-month highs.
Bitcoin liquidation remains mild compared to ETH, XRP
According to Coinglass data:
- $956M in crypto liquidations occurred in the last 24 hours
- Ethereum led with $197.8M in losses
- XRP saw $114.4M
- Bitcoin accounted for just $81M, suggesting more stable footing among long-term holders
Market sentiment turns cautious ahead of July 30 Fed meeting
Investors are also bracing for the Federal Reserve’s policy update on July 30, which could sway crypto volatility depending on any shift in interest rate strategy. Analysts are closely watching whether the Fed signals more tightening or maintains a dovish stance.
Key takeaways
- Bitcoin price today fell below $118,000 amid market anxiety
- Traders await regulatory clarity from both the White House and the Senate
- Altcoins sharply underperformed BTC, with XRP and DOGE down double digits
- Macro triggers including the Fed meeting are adding to near-term volatility