Bitcoin Falls Below $114,000 Amid Cautious Investor Sentiment
Cryptocurrencies experienced a decline on Tuesday, with bitcoin falling below $114,000. Key points include:
- BTC dropped to $113,700, its lowest in almost two weeks, down 9% from its record high of over $124,000.
- Ether decreased by 3.5%, trading below $4,200.
- Other major altcoins such as Chainlink, Avalanche, Toncoin, Ethena, and Aptos fell by 4%-6% within a day.
- Traditional markets also faced losses; Nasdaq and S&P 500 indexes were down 0.9% and 0.4%, respectively.
- Crypto treasury companies reported further declines: KindlyMD (NAKA) down 14%, Bitmine Immersion (BNMR) down 10%, and Sharplink Gaming (SBET) down 8%.
- SBET has plummeted approximately 85% since reaching $124 in late May.
Investor sentiment is cautious ahead of Federal Reserve Chair Jerome Powell’s speech at the Kansas City Fed's Economic Symposium. Concerns have grown regarding inflation following a stronger-than-expected PPI report. Economists predict the Fed will maintain rates in September, with market expectations for a rate cut reduced from 98% to 85% according to the CME FedWatch Tool.