Today’s price of Bitcoin drops to $117,000, while altcoins decline as markets lock in recent gains.
As the industry saw some profit-taking following a spectacular run-up over the previous two weeks, Bitcoin fell on Tuesday, leading a decline in the prices of other cryptocurrencies.
As cryptocurrency bulls celebrated the U.S. government’s adoption of a significant crypto policy, altcoins also saw a spike, with Bitcoin reaching record highs of nearly $123,000. The revelation of a $2 billion Bitcoin stockpile by President Donald Trump’s tech company, Trump Media & Technology Group Corp (NASDAQ:DJT), also helped to boost the cryptocurrency.
However, on Tuesday, this rise was seen to be coming to an end, as Bitcoin had fallen precipitously from its recent highs. Following recent sessions of significant gains, other altcoins also saw modest losses.
Amid mounting uncertainty around Trump’s tariffs, which go into effect on August 1, and a Federal Reserve meeting the following week, risk appetite was also observed to be waning.
Bitcoin dropped 1% by 01:40 ET (05:40 GMT) to $117,210.3.
Trump Media discloses $2 billion in Bitcoin holdings.
After raising nearly $2.3 billion to create a Bitcoin treasury, Trump Media reported on Monday that it now had roughly $2 billion in Bitcoin.
Trump Media’s stock rose as much as 9% after the announcement, but it ended Monday up 3.1%.
Given that Trump’s family has started multiple cryptocurrency businesses this year, the statement highlighted his growing interest in the space. These include the $TRUMP memecoin and the World Liberty Financial Group, both of which have increased the president’s wealth.
Earlier this year, the president nominated a “crypto czar” for the White House and signed instructions creating a strategic Bitcoin reserve.
Because of his interest in cryptocurrencies, Trump just signed the GENIUS Act into law, which creates a stablecoin legal framework. The act’s passage was a major factor in the recent surge in cryptocurrency as traders embraced additional regulatory approval from the US.
However, considering that Trump’s legislative actions have a direct impact on the value of his cryptocurrency holdings, his pro-crypto stance has sparked worries about a possible conflict of interest for the president.
Crypto price today: altcoins retreat after strong rally.
Since they saw some profit-taking following a robust surge over the previous week, broader cryptocurrency prices mostly followed Bitcoin’s losses.
The second-best cryptocurrency in the world, Ether, hit its highest level since December and then dropped 2.8% to $3,680.18.
At $3.4726, XRP dropped 2.5 percent, and Cardano dropped 1 percent. Solana performed better, increasing 4.6%.
Among meme tokens, $TRUMP dropped 5.4%, while Dogecoin lost 2.9%.
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