Bitcoin News: Price Holds at $118K Amid Fed Uncertainty as SEC Greenlights Crypto ETPs
Bitcoin’s price remained flat at $118,119 as investors await the Federal Reserve’s crucial interest rate decision. Meanwhile, the SEC’s approval of in-kind ETP redemptions marks a pivotal moment for crypto markets, while institutional players like Michael Saylor’s firm continue accumulating BTC.
Bitcoin Price Stability Ahead of Fed Decision
BTC showed minimal movement on July 30, trading within a tight range between $117,500-$119,000. Key factors influencing Bitcoin’s price:
- Fed rate decision anticipation keeping markets cautious
- Political pressure from former President Trump on Fed Chair Powell
- Inflation concerns maintaining hawkish expectations
- Critical support level at $115,000 that could trigger declines
SEC Approves Game-Changing In-Kind ETP Redemptions
The SEC’s approval allows investors to receive crypto assets instead of cash when redeeming ETP shares. This development:
- Reduces transaction costs for investors
- Improves market efficiency for Bitcoin and Ethereum products
- Signals growing regulatory acceptance of crypto instruments
Rakbank Makes History With Retail Crypto Trading
The UAE’s Rakbank became the first conventional bank in the region to offer direct crypto trading through its mobile app. The Bitpanda-powered service:
- Eliminates foreign exchange conversion needs
- Provides regulated access to digital assets
- Reflects growing Middle Eastern crypto adoption
Michael Saylor’s Firm Makes Massive $2.5B BTC Purchase
Strategy acquired 21,021 Bitcoin at $117,256 per coin through a record-breaking IPO. Key details:
| Metric | Value |
|---|---|
| Total BTC Holdings | 628,791 BTC |
| Purchase Amount | $2.5 billion |
| Funding Method | Largest 2025 U.S. IPO |
Altcoin Market Shows Mixed Performance
While Ethereum gained 1% to $3,800, other major altcoins struggled:
- Solana dropped 7% to $181
- Dogecoin fell 12% to $0.219
- Uniswap declined 2% amid volatility
Frequently Asked Questions
Q: How will the Fed decision impact Bitcoin?
A: A less hawkish stance could boost risk assets like Bitcoin, while maintaining rates may prolong current price stagnation.
Q: What are in-kind ETP redemptions?
A: Investors receive the actual cryptocurrency instead of cash when redeeming shares, improving efficiency and reducing costs.
Q: Why is Rakbank’s move significant?
A: It represents traditional banking embracing crypto, potentially accelerating mainstream adoption in the Middle East.
Q: How much Bitcoin does Michael Saylor’s company now hold?
A: Strategy’s latest purchase brings their total holdings to 628,791 BTC worth approximately $74 billion.
