Bitcoin Price Takes a Nosedive as Fed Rate Cut Odds Decline

Bitcoin’s recent surge was abruptly halted this week as traders revised their expectations for a Federal Reserve rate cut. The cryptocurrency has experienced a significant decline, falling from its all-time high of $124,420 to $117,760 at press time on August 16th. This retreat coincides with the dwindling odds of an interest rate cut by the Fed in September as concerns about stagflation grow.