Bitcoin Stays Rangebound Amid US Trade, Tax Uncertainty; MARA Mining Output Drops

Bitcoin traded slightly lower on Wednesday, slipping 0.6% to $106,321.4, as ongoing uncertainty over U.S. trade policies and a divisive tax bill kept risk appetite subdued. The cryptocurrency remained locked in a tight $103,000 to $108,000 range, a pattern consistent throughout June despite bullish sentiment from corporate buyers like Strategy (formerly MicroStrategy, NASDAQ:MSTR).

The lack of momentum comes as markets digest possible U.S. tariff hikes ahead of President Donald Trump’s July 9 “liberation day” deadline. While Trump hinted at a potential trade agreement with India, he also warned of higher tariffs on Japan, keeping investors cautious. At the same time, the Senate narrowly approved a controversial tax and spending cut bill, now headed to the House. Critics say the legislation could worsen U.S. fiscal health and raise long-term default risks, adding further pressure to risk assets like crypto.

Although macroeconomic policy doesn’t directly impact cryptocurrencies, the market remains highly sentiment-driven and reactive to broader financial uncertainty.

Adding to the cautious mood, U.S.-listed Bitcoin miner MARA Holdings (formerly Marathon Digital, NASDAQ:MARA) reported a sharp drop in mining performance. The firm mined 211 BTC in June, down 25% from May, citing unfavorable weather and block luck variability. Its hash rate also dipped slightly to 57.4 EH/s. Nevertheless, MARA's BTC holdings rose to 49,940 coins, securing its position as the second-largest corporate Bitcoin holder after Strategy.

Altcoins also edged lower. Ethereum slipped 0.8% to $2,441.80, XRP dropped 1.2% to $2.1895, Solana lost 1.6%, and Cardano fell 1.5%. Meme coins Dogecoin and $TRUMP both declined 1.3%.

With market sentiment fragile and trading volumes low, Bitcoin and the broader crypto market may continue to hover in their current ranges unless a major catalyst emerges.