The price of Bitcoin declined slightly on Wednesday, remaining within a defined trading range we have seen over the past few weeks as risk appetite remained subdued due to uncertainty over U.S. tariffs and their economic impact.
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The largest cryptocurrency in the world has not received significant support from the progress of Truth.Social, the platform owned by President Donald Trump, in its plans to list a spot Bitcoin exchange-traded fund (ETF) in U.S. markets.
The focus was entirely on a potential call between Trump and Chinese President Xi Jinping, which could set the tone for future trade negotiations between the U.S. and China.
While speculation about the call boosted some risk appetite, it was countered by Trump's doubling of tariffs on steel and aluminum imports - a move that could put some pressure on U.S. companies in the near term.
The price of Bitcoin fell by 0.4% to $105,110.0 by 1:48 PM Saudi time.
Truth.Social's Bitcoin exchange-traded fund moves toward listing
The Arca division of the New York Stock Exchange - the fully electronic arm of the exchange that handles most ETF listings - filed a proposal on Tuesday to list a spot Bitcoin fund backed by Truth.Social, which belongs to Trump Media & Technology Group Corp (NASDAQ:DJT), majority owned by the president.
NYSE Arca filed Form 19b-4 for regulatory approval to list and trade the exchange-traded fund.
The exchange-traded fund aims to track the price of Bitcoin directly and joins a range of similar offerings in providing investors, especially in the institutional and retail sectors, a simple way to gain exposure to Bitcoin.
Exchange-traded spot Bitcoin funds have seen steady growth since their launch in early 2024, with data from SoSoValue showing lifetime inflows of $44.4 billion for the sector.
