Bitcoin hovered around $118,000 on Thursday, moving sideways after retreating from record highs earlier in the week, as investors weighed developments on key cryptocurrency regulation bills. After nearly 10 hours of delay, the House approved debate rules late Wednesday for the crypto legislation, following intense negotiations and direct intervention by President Trump. While the procedural breakthrough signaled progress, fresh opposition from moderate Republicans and key committee members over last-minute changes raised doubts about the bills’ final passage. The ongoing uncertainty weighed on sentiment as markets await clearer regulatory direction. If enacted, the legislation could open the door to broader crypto use cases, greater corporate adoption, and deeper institutional involvement. Meanwhile, US producer prices were flat in June, defying expectations and diverging from the CPI rise, reinforcing bets on Fed rate cuts later this year—typically supportive of Bitcoin.
