Bitcoin traded slightly higher in Asian trade on Wednesday, helped by improved risk sentiment after a U.S.–Japan trade agreement, though the token remained in a consolidation phase after hitting record highs earlier this month.
The world’s largest cryptocurrency last traded 0.5% higher at $118,582.7 as of 02:10 ET (06:10 GMT).
Bitcoin remained rangebound after surging to a record above $123,000 last week. Gains were tempered as investors digested recent regulatory and macroeconomic developments.
US-Japan trade deal sparks risk-on mood Sentiment remained broadly positive, buoyed by U.S. President Donald Trump’s announcement of a wide-ranging trade agreement with Japan, which helped boost risk assets globally.
Trump said that Washington and Tokyo have struck a broad trade deal that includes a 15% tariff on all imported Japanese goods, down from a previously proposed 25%.
The U.S. secured a massive $550 billion Japanese investment in the U.S. economy under the deal. The agreement opens Japanese markets to U.S. exports, including autos, agricultural goods, and energy products, reinforcing positive sentiment around global trade and demand growth.
Risk assets across the globe saw sharp gains, while gold prices fell, reflecting increased risk appetite.
Bitcoin still traded in tight ranges despite the trade-induced uplift, reflecting investor caution around further trade progress before Trump’s August 1 deadline.
Bitcoin supported by US crypto bills; Fed meet eyed Cryptocurrencies were supported by the U.S. government’s passage of key crypto regulation last week.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. President Trump signed into law the U.S. GENIUS Act, establishing a federal regulatory framework for stablecoins.
In addition to the GENIUS Act, the House of Representatives passed two other key bills, which now head to the Senate.
Attention now shifts to the Federal Reserve’s upcoming policy meeting on July 30, where investors will scrutinise clues on future rate trajectories.
Crypto price today: most altcoins subdued, Dogecoin falls Most altcoins edged higher on Wednesday, tracking subdued moves in the biggest cryptocurrency.
Altcoins saw sharp gains in recent sessions amid a broader "crypto week" rally but have since steadied amid profit taking at multi-month peaks.
World no.2 crypto Ethereum rose 0.5% to $3,705.42.
World no. 3 crypto XRP also gained 0.5% to $3.48.
Solana rose 1.3%, and Cardano edged up 0.3%, while Polygon added 0.7%.
Among meme tokens, Dogecoin traded 0.7% lower, while $TRUMP advanced 1.3%.
