Bitcoin News Today: Bitcoin Flat at $118,119 as Fed Decision Looms, SEC Approves In-Kind ETP Redemptions

The cryptocurrency market experienced a mixed performance on July 30, with Bitcoin (BTC) and several altcoins showing volatility amid anticipation for the Federal Reserve’s interest rate decision. Bitcoin remained rangebound near $118,000 after briefly crossing $119,000 earlier in the week. It ended the session down 0.22% at $118,119. Ethereum (ETH), in contrast, rose over 1% and reclaimed the $3,800 level. Ripple (XRP) also gained 0.60%, while Solana (SOL) fell over 1%. Dogecoin (DOGE), Uniswap (UNI), and Filecoin (FIL) registered declines, with DOGE down nearly 1.43% at $0.219. The broader market remained cautious due to geopolitical tensions and ongoing macroeconomic uncertainties[1].

In a significant regulatory development, the U.S. Securities and Exchange Commission (SEC) approved in-kind redemptions for crypto exchange-traded products (ETPs). This change allows investors to receive the underlying crypto assets instead of cash when redeeming shares, potentially improving the efficiency and cost-effectiveness of ETPs. SEC Chair Gary Gensler emphasized the move as part of a broader effort to establish a regulatory framework that supports innovation while protecting investors. The approval applies to Bitcoin and Ethereum ETPs, signaling a more accommodating stance toward crypto-related financial instruments[1].

Meanwhile, the National Bank of Ras Al Khaimah (Rakbank) became the first conventional bank in the UAE to offer retail crypto trading through its mobile banking app. The service, powered by Bitpanda, allows customers to buy, sell, and swap cryptocurrencies directly from their dirham accounts, eliminating the need for foreign exchange conversions. Raheel Ahmed, Rakbank’s CEO, stated that the offering aligns with the growing demand for digital assets in the UAE and reflects the bank’s commitment to innovation. The move is expected to expand access to regulated crypto trading and reduce costs for local investors[1].

In a legal action, Coinbase sued Tobias Honscha for allegedly cybersquatting on the domain coinbase.de. The company claimed that Honscha was using the domain to redirect users to a platform for trading physical coins and violating the terms of an affiliate agreement. Coinbase argued that the domain name, which incorporates the Coinbase trademark, misled users and potentially extorted the exchange by attempting to sell the domain at an inflated price. The lawsuit highlights the ongoing challenges crypto exchanges face in protecting their brand identity and user trust in the digital space[1].

Michael Saylor’s company, Strategy, announced the purchase of 21,021 BTC at an average price of $117,256 per coin, raising $2.5 billion through the largest U.S. IPO of 2025. The offering was upsized significantly from an initial target of $500 million and exceeded the $1 billion offering by stablecoin issuer Circle Internet Group. The purchase increases Strategy’s total Bitcoin holdings to 628,791 BTC. The company has consistently used financial instruments such as equity, debt, and convertible notes to fund its Bitcoin purchases, influencing a broader trend among institutional investors to adopt similar strategies[1].

Bitcoin’s price action has remained flat around the $118,000 level, as markets await the Federal Reserve’s decision on interest rates. The market is also under pressure from President Donald Trump, who has publicly urged Fed Chair Jerome Powell to cut rates or resign. Analysts expect the Fed to maintain rates at current levels due to inflation remaining above the target of 2%. A potential less hawkish stance from the Fed could provide some relief to risk assets, but uncertainty persists amid concerns about Trump’s proposed tariffs and global economic conditions. Bitcoin’s bullish pattern remains intact, but a sustained break below $115,000 could trigger further declines[1].

Ethereum, which reached a local high of $3,941 at the beginning of the week, has struggled to push above $4,000. Institutional demand for ETH has increased significantly, with Ethereum treasury companies accumulating 1% of the total supply in two months. According to Standard Chartered’s Geoff Kendrick, these companies could grow tenfold in the next few years, potentially controlling 10% of all ETH. The growing institutional interest in Ethereum is seen as a positive development, with some analysts forecasting a move above $4,000 by the end of 2025[1].

Solana (SOL), which had surged above $200 earlier in the week, has since cooled, dropping over 7% to trade around $181. On-chain metrics such as the Spent Output Profit Ratio (SOPR) and the Bull-Bear Power Index indicate a weakening buying sentiment. While some analysts view the decline as a healthy correction, others warn that the bearish momentum could extend. Solana’s recent price action has been volatile, with buyers and sellers alternating control over the past few sessions[1].

Dogecoin (DOGE) experienced a sharp decline after surging nearly 14% on Sunday. It fell nearly 12% on Wednesday to $0.239 and continued its downward trend, settling at $0.219. The memecoin’s price has been highly sensitive to market sentiment, dropping in response to broader risk-off trends. DOGE faces continued selling pressure, with no immediate signs of a reversal in its bearish trajectory[1].

Uniswap (UNI) declined nearly 2% during the ongoing session after a volatile week that saw it fall over 5% on Wednesday. The altcoin had rallied over 13% on Friday but failed to maintain momentum. Despite a modest recovery on Friday and over the weekend, UNI dropped again on Monday and has since remained in bearish territory[1].

Filecoin (FIL) also struggled, closing the session down nearly 2% at $2.52 after a week marked by significant volatility. Despite a brief rebound on Friday and a modest gain over the weekend, the altcoin gave up all its gains and continued to face selling pressure[1].

The broader market remains cautious as investors await key macroeconomic developments. While Bitcoin’s bullish setup is still intact, the lack of a clear breakout above $120,000 has dampened optimism. Institutional activity in Ethereum and regulatory developments in the U.S. and UAE are among the key factors influencing market sentiment. However, ongoing geopolitical tensions and macroeconomic uncertainties continue to weigh on risk assets, keeping volatility levels elevated[1].

Source: [1] Cryptodaily.co.uk (https://cryptodaily.co.uk/2025/07/crypto-price-analysis-7-30-bitcoin-btc-ethereum-eth-solana-sol-dogecoin-doge-uniswap-uni-filecoin-fil)