Crypto Market Downturn: Bitcoin Plunges Below $113K, Impacting Digital Asset Firms

A sharp decline in the cryptocurrency market unfolded on Tuesday, with Bitcoin (BTC) plummeting to a new 4-month low of $113,000 and dragging down related equities. Investor risk appetite waned ahead of Federal Reserve Chair Jerome Powell’s anticipated address at Jackson Hole. Major digital asset companies, mining operations, and firms backed by U.S. treasuries suffered substantial losses.