The price of Bitcoin today: dropped below $116 thousand ahead of the Fed meeting.

Bitcoin dropped below $116,000 on Friday amid large fund movements and growing caution ahead of the U.S. Federal Reserve meeting, which coincides with the release of a key report on cryptocurrency policy on July 30.

The world's largest cryptocurrency was trading 2% lower at $115,970 as of 1:51 PM Moscow time.

Bitcoin fell after a period of consolidation, reaching a record high of over $123,000 last week.

Meanwhile, other cryptocurrencies remained subdued on Friday. Altcoins plummeted on Thursday but stabilized later during the session.

The growth was limited by reports of "whale" trades and increased profit-taking at elevated levels.

Recent movements occurred after Galaxy Digital transferred 3,420 bitcoins worth approximately $395 million to various exchanges in just 20 minutes on Thursday, and also sent 250 bitcoins to an unknown address, according to data from Arkham Intel.

The US Federal Reserve meeting and the cryptocurrency policy report are expected on July 30.
Traders are anticipating the upcoming meeting of the Federal Reserve on July 30. Although the central bank is expected to keep rates unchanged, market participants will focus on officials' comments to assess the outlook for future policy.

Meanwhile, White House cryptocurrency advisor Bo Hines announced this week that the President's Working Group on Digital Assets has completed its long-awaited 180-day report on cryptocurrency policy, which will be released on July 30.

The report mandated by the January presidential decree is expected to detail the amount of confiscated bitcoin held by the US government and explain how it can be managed.

In addition to the reserve plan, it is expected that the working group will propose a comprehensive regulatory framework.