Bitcoin price today: dips below $116k ahead of Fed meet, crypto policy report

Investing.com-- Bitcoin dropped below $116,000 on Friday, pressured by large wallet movements and growing caution ahead of the U.S. Federal Reserve meeting, which coincides with the release of a key crypto policy report on July 30.

The world’s largest cryptocurrency last traded 2% lower at $115,970 as of 09:51 ET (13:51 GMT).

Bitcoin declined following a period of consolidation, after hitting a record high above $123,000 last week. 

Meanwhile, other cryptocurrencies remained subdued on Friday. Altcoins plunged on Thursday, but stabilized later in the session.

Gains were tempered by reported whale trades and increased profit-taking amid elevated levels.

The recent moves came as Galaxy Digital (TSX:GLXY) on Thursday transferred 3,420 bitcoins, worth about $395 million, to various exchanges in just 20 minutes, alongside sending 250 bitcoins to an unknown address, Arkham Intel (NASDAQ:INTC) data showed.

US Fed meeting, crypto policy report due July 30

Traders await the Federal Reserve’s upcoming policy meeting on July 30. While the central bank is expected to hold rates steady, market participants will focus on comments from officials to gauge future policy outlook.

Meanwhile, White House crypto adviser Bo Hines announced this week 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.

Strategy increases share issue plan to $2.8 bln - Bloomberg

Michael Saylor’s Strategy (formerly MicroStrategy (NASDAQ:MSTR)) has significantly raised the size of its planned preferred stock offering, Bloomberg reported on Thursday.

According to the report, Strategy, which is currently the largest corporate holder of Bitcoin, plans to boost the offering from $500 million to $2.8 billion.

The proceeds are expected to be used primarily to expand the company’s Bitcoin holdings, a key driver of its valuation over the past year.

Citi revises Bitcoin year-end price target to $135K

Citi has revised its Bitcoin valuation framework, setting a new year-end base-case target of $135,000, according to a report published Thursday. The bank also outlined a bullish scenario of $199,000 and a bearish case of $64,000, depending on broader market dynamics.

The updated model reflects three main drivers: user adoption, macroeconomic trends, and inflows into spot bitcoin ETFs. Analysts estimate that user growth alone could push the price to $75,000.

However, weaker equities and gold subtract roughly $3,200 from the projection, while an expected $15 billion in ETF inflows could contribute an additional $63,000.

Citi said that Bitcoin’s outlook increasingly hinges on investor flows and asset allocation strategies, not just user adoption or technological progress.

Crypto price today: altcoins subdued after volatile session

Most altcoins remained range-bound on Friday after stabilizing from sharp losses on Thursday.

World no.2 crypto Ethereum rose 1% to $3,690.76.

World no. 3 crypto XRP fell 1.8% to $3.10.

Solana fell 3.4%, while Cardano slipped 1.1%, and Polygon rose 0.5%.

Among meme tokens, Dogecoin fell 3.4%, while $TRUMP traded flat. 

(Additional reporting by Vahid Karaahmetovic.)