Bitcoin Falls To Two-Week Low of $113,000 Amid Trader Sell-Of
Bitcoin, the world’s leading cryptocurrency by market capitalization, has declined to approximately $113,000, its lowest point in the past two weeks.
As of 9:37 a.m. on Wednesday, the price had dipped 1 percent to $113,860, according to CoinMarketCap.
Ethereum, the second-largest digital currency, also experienced a slight decrease of 0.1 percent, trading at $4,232.
CoinMarketCap data further revealed that the total global cryptocurrency market capitalization contracted to $3.92 trillion, with over $160.41 billion in trading volume during the same period.
Despite the recent downturn, Bitcoin has seen significant growth since the start of the year, buoyed by regulatory reforms introduced under U.S. President Donald Trump, a vocal advocate for the crypto industry.
In July, Bitcoin surpassed the $120,000 mark for the first time, climbing more than 3 percent to reach a record high of $123,153. Earlier in August, it briefly dropped to $113,620 before rebounding.
On August 14, the cryptocurrency surged past $124,000, driven by favorable legislation and a strong performance in U.S. equities, with both the S&P 500 and Nasdaq closing at all-time highs.
According to CoinDesk, the recent sharp decline was triggered by profit-taking among traders, growing economic concerns, and unease over leveraged positions, all of which contributed to heightened market volatility.
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