Bitcoin price today: down at $113k as trade, economic uncertainty persists

Investing.com-- Bitcoin fell slightly on Wednesday, remaining on the backfoot as persistent uncertainty over U.S. trade tariffs and slowing economic growth kept traders largely averse towards risk-driven assets. 

The world’s largest crypto fell 0.8% to $113,467.7 by 00:54 ET (04:54 GMT), remaining close to a near one-month low hit at the beginning of the week. 

Broader crypto prices also fell, as a brief recovery in altcoins seen this week ran out of steam amid weak risk appetite. 

Bitcoin and other cryptos also remained vulnerable to extended profit-taking after clocking strong gains in July.

Bitcoin treasury companies have peaked- Galaxy’s Novogratz 

Galaxy Digital (TSX:GLXY) founder and crypto proponent Michael Novogratz warned on Tuesday that the trend of companies created to hold Bitcoin and boost their balance sheets had likely peaked. 

“The question now is which of the existing companies become monsters,” Novogratz said during Galaxy Digital’s second-quarter earnings call. 

He warned that a large number of Bitcoin and Ether treasuries could lock out new entrants to the sector from “getting oxygen,” likely referring to limited liquidity and opportunities for fundraising in the sector.

Novogratz’ warning comes as a host of companies began raising equity to invest in Bitcoin, largely in emulation of Strategy’s (NASDAQ:MSTR) success.

Michael Saylor’s firm is the largest corporate holder of Bitcoin, and logged stellar gains in its valuation as investors sought exposure to Bitcoin through its stock. Strategy also raised tens of billions of dollars through several equity offerings, all of which were aimed at buying Bitcoin.

But recent buying action by Strategy, and new entrants such as Japan’s Metaplanet Inc (TYO:3350), did little to stem declines in Bitcoin’s price. 

Crypto price today: altcoins lose ground amid trade, economy jitters

Broader crypto prices largely retreated on Wednesday, losing ground after logging some gains earlier this week. 

Risk appetite remained on the backfoot as Trump kept up his threats of higher trade tariffs, this time against India over the country’s repeated purchases of Russian oil.

Trump’s broader tariffs against other major trading partners are also set to take effect from Friday. 

Concerns over a cooling U.S. economy also weighed, especially after dismal nonfarm payrolls data from last week. The print did drive up bets that the Federal Reserve will cut interest rates further in September.

In altcoins, world no.2 crypto Ether fell 0.7% to $3,637.53. XRP fell nearly 3% to $2.950. 

Solana shed 2.7%, while Cardano fell 3.4%. 

Among meme tokens, Dogecoin fell 3.3%, while $TRUMP lost 2.4%.