Bitcoin Price Today: BTC Drops to 2-Week Low Near $113K Ahead of Fed’s Jackson Hole
Bitcoin extended its decline on Wednesday, falling to a two-week low as traders trimmed positions before the Federal Reserve’s annual Jackson Hole symposium. Geopolitical risks, including potential Russia-Ukraine peace talks, also weighed on sentiment.
Bitcoin Price Falls Below $113,728
The world’s largest cryptocurrency traded 1.1% lower at $113,728.5 as of 02:03 ET (06:03 GMT). Earlier in the session, it touched $112,668, close to a six-week low.
Just last week, Bitcoin surged above $124,000, setting a new record. However, stronger-than-expected U.S. economic data reduced bets on an aggressive Fed rate cut in September, triggering a sharp pullback.
Markets Await Fed Chair Powell at Jackson Hole
Investors are now focused on Fed Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday. A hawkish message or signals against a large September rate cut could put further pressure on Bitcoin and other risk assets.
Futures markets currently price in a 25-basis-point cut, down from expectations of a larger move earlier this month.
Trump Pushes Peace Talks on Russia-Ukraine
Adding to the uncertainty, U.S. President Donald Trump met Ukrainian President Volodymyr Zelenskiy and European leaders this week. He revealed plans to arrange direct talks with Moscow and Kyiv, even hinting at a possible trilateral summit.
While a credible peace path could support global markets in the long run, near-term volatility continues to weigh on cryptocurrencies.
Fed’s Bowman Calls for Crypto Ownership Among Staff
On Tuesday, Federal Reserve Vice Chair Michelle Bowman said central bank staff should be allowed to hold small “de minimis” amounts of crypto.
She argued that direct exposure would give regulators valuable experience and strengthen oversight of digital assets. Bowman highlighted the need to balance risks with potential benefits, signaling a more engaged stance toward crypto regulation.
Altcoins Mirror Bitcoin’s Drop
Altcoins tracked Bitcoin’s decline on Wednesday.
- Ethereum (ETH) fell 1.7% to $4,162.54
- XRP slid 4.1% to $2.89
- Cardano (ADA) tumbled 8%
- Polygon (MATIC) dropped 6%
- Solana (SOL) was flat
- Meme tokens like Dogecoin (DOGE) and $TRUMP retreated 2% and 2.8% respectively
