Bitcoin Plunges Below $113,000 as Jackson Hole Speech Fuels Market Turmoil

Bitcoin’s price plummeted to a low of around $113,000, marking a sharp decline from the week’s high near $124,000. Ethereum prices remained relatively stable, hovering around $4,200-4,230, indicating that buyers remain outnumbered by sellers in most cryptocurrencies. This market update comes ahead of Jerome Powell’s address at Jackson Hole later this month, which is expected to provide crucial insights on interest rates, the US dollar, and broader monetary policy. Traders are eagerly anticipating the speech as it holds the potential to shape the trajectory of crypto markets.