Bitcoin price today: advances to $116.8k but tariff jitters limit further gains

Investing.com-- Bitcoin inched higher on Thursday, but the broader cryptocurrency remained rangebound as concerns over higher U.S. trade tariffs kept investors largely to the sidelines.

U.S. President Donald Trump’s reciprocal trade tariffs took effect from Thursday, subjecting major global economies to levies ranging from 10% to 50%. Trump on Wednesday also outlined a 100% levy on all semiconductor imports, effective in the coming weeks. 

Bitcoin rose 1.3% to $116,790 by 10:02 ET (05:31 GMT).

Bitcoin rangebound as tariffs, economic jitters limit risk

The world’s biggest crypto stuck largely to a trading range of between $118,000 and $110,000 over the past week as broader risk appetite soured. 

While Bitcoin did see some positive cues– mainly sustained buying by major corporate holders such as Strategy (NASDAQ:MSTR) and Metaplanet Inc (TYO:3350)– they did little to push up prices, which have been on a sustained downturn after hitting record highs above $123,000 in mid-July. 

Risk appetite was largely quashed by concerns over the economic impact of Trump’s tariffs, as well as signs of cooling economic growth across the globe. 

Weak payrolls data from the U.S., released last week, was a major point of contention for markets. While the print did ratchet up bets for an interest rate cut by the Federal Reserve, it also sparked concerns over softening U.S. growth. 

Bitcoin and crypto markets tend to see limited direct impact from trade tariffs and cooling growth. But their speculative nature leaves them vulnerable to shifts in market sentiment.

Bitcoin has also seen sustained profit-taking from recent peaks.

Bitcoin spot ETFs see four days of steady outflows

Profit-taking and risk aversion saw spot Bitcoin ETFs log four consecutive days of capital outflows to Tuesday, totaling nearly $1.5 billion, data from market aggregator SoSoValue showed.

While ETFs did record a small inflow on Wednesday, it was less than a fraction of the cumulative outflows seen in the past four sessions.

Ripple to buy stablecoin payments platform Rail - report

Ripple is set to acquire stablecoin payments platform Rail in a $200 million deal, marking a major bet on the growing role of stablecoins in cross-border transactions, Reuters reported on Thursday.

The move comes just weeks after U.S. President Donald Trump signed a law that raised expectations for broader adoption of cryptocurrency tokens.

Known for its XRP token and recently launched RLUSD stablecoin, Ripple has been expanding its footprint in stablecoin infrastructure. The Rail acquisition, expected to close in the fourth quarter pending regulatory approvals, aims to bolster Ripple’s position in the sector.

According to the report, the deal will allow Ripple and Rail to “deliver the most comprehensive stablecoin payments solution available in the market.” It will also enhance Ripple’s existing services by adding virtual accounts and automated back-office tools.

“As regulations become more clear and the space has grown and matured, this opportunity for stablecoin payments is really ripe, and the acquisition of Rail just really solidifies our market leadership in stablecoin payments,” Ripple President Monica Long told Reuters. 

Toronto-based Rail, backed by Galaxy Ventures and Accomplice, facilitates faster and cheaper cross-border payments using stablecoins.

The company claims to handle 10% of global stablecoin-based payment activity.

Crypto price today: altcoins outperform

Broader crypto prices advanced on Thursday, outperforming Bitcoin’s limited gains. 

World no.2 crypto Ether rose nearly 7% to $3,853.75, while XRP rose 4% to $3.07.

Solana and Cardano 4% and 5.4%, respectively. 

Among meme tokens, Dogecoin added 6.7%, while $TRUMP rose 3.3%.

(Additional reporting by Vahid Karaahmetovic.)