Bitcoin price today: slips to $117.9k amid muted sentiment; remains rangebound

Investing.com-- Bitcoin fell slightly on Wednesday as risk sentiment cooled, remaining in a consolidation phase after hitting record highs earlier this month.

The world’s largest cryptocurrency last traded 1% lower at $117,900.0 as of 10:10 ET (14:10 GMT).

Bitcoin remained rangebound after surging to a record above $123,000 last week. Gains were tempered as investors digested recent regulatory and macroeconomic developments.

US-Japan trade deal sparks gains in global risk assets

Before the pullback, sentiment in early Asian crypto trading was broadly positive, buoyed by U.S. President Donald Trump’s announcement of a wide-ranging trade agreement with Japan, which helped boost risk assets globally. 

Trump said that Washington and Tokyo have struck a broad trade deal that includes a 15% tariff on all imported Japanese goods, down from a previously proposed 25%. 

The U.S. secured a massive $550 billion Japanese investment in the U.S. economy under the deal. The agreement opens Japanese markets to U.S. exports, including autos, agricultural goods, and energy products, reinforcing positive sentiment around global trade and demand growth. 

Risk assets across the globe saw sharp gains, while gold prices fell, reflecting increased risk appetite.

But Bitcoin continued to trade in tight ranges despite the trade-induced uplift, reflecting investor caution around further trade progress before Trump’s August 1 deadline.

MARA to raise up to $1bn to fund Bitcoin purchases, operations, and debt reduction

Bitcoin miner MARA Holdings (NASDAQ:MARA) plans to raise $850 million through a private sale of 0% convertible senior notes due in 2032, with an option for initial buyers to purchase an additional $150 million, potentially bringing the total to $1 billion, according to an SEC filing.

The notes, which won’t pay interest, are convertible into cash, shares, or a mix of both, and mature in August 2032. Investors can require repurchase in 2030 if stock price conditions aren’t met. MARA will also have the option to redeem the notes starting in 2030.

The company intends to use up to $50 million of the proceeds to repurchase part of its 1% convertible notes due in 2026. Remaining funds will go toward bitcoin purchases, operations, infrastructure expansion, strategic acquisitions, and “capped call transactions” — a hedge against stock dilution if the notes are converted.

Bitcoin supported by US crypto bills; Fed meet eyed

This week, cryptocurrencies were supported by the U.S. government’s passage of key crypto regulations last week.

President 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, which now head to the Senate.

Attention now shifts to the Federal Reserve’s upcoming policy meeting on July 30, where investors will scrutinise clues on future rate trajectories. 

Crypto price today: most altcoins down on profit-taking

Altcoins saw sharp gains in recent sessions amid a broader "crypto week" rally but have since steadied amid profit taking at multi-month peaks.

World no.2 crypto Ethereum slid 1.8% to $3,596.85.

World no. 3 crypto XRP also fell nearly 6% to $3.27.

Solana and Cardano plunged more than 4% each, while Polygon lost 4.7%.

Among meme tokens, Dogecoin sank 6.2% while $TRUMP fell 3.8%. 

(Additional reporting by Vahid Karaahmetovic.)