FX.co ★ Bitcoin Rangebound on Crypto Bill Uncertainty

On Thursday, Bitcoin remained steady at around $118,000, experiencing little movement after pulling back from record highs earlier in the week. Investors continued to assess developments concerning key cryptocurrency regulation bills. Late Wednesday, the House approved debate rules for the crypto legislation after nearly 10 hours of delay, following intense negotiations and direct intervention by President Trump. Although this procedural progress indicated some advancement, new opposition from moderate Republicans and crucial committee members regarding last-minute amendments cast doubt on the bills' ultimate approval. This prevailing uncertainty affected market sentiment as participants awaited clearer regulatory guidance. Should the legislation be enacted, it could pave the way for broader cryptocurrency applications, increased corporate adoption, and more significant institutional involvement. Meanwhile, US producer prices remained unchanged in June, defying expectations and deviating from the rise in the Consumer Price Index (CPI), which bolstered expectations of Federal Reserve rate cuts later in the year—a scenario typically favorable for Bitcoin.