Bitcoin price falls to $113,000 amid profit-taking, market jitters

Bitcoin’s price dropped to about $113,000 on Wednesday, marking its lowest level in two weeks as traders moved to lock in profits.

Data from CoinMarketCap showed the flagship cryptocurrency trading 1% lower at $113,860 as of 9:37 a.m. Ethereum, the second-largest digital asset, also edged down by 0.1% to $4,232.

The broader crypto market followed the trend, with global market capitalisation dipping to $3.92 trillion and over $160.41 billion worth of assets changing hands within the same period.

Despite the current slide, bitcoin has recorded significant gains this year, buoyed by regulatory reforms under U.S. President Donald Trump, a strong advocate of the digital asset industry.

In July, the cryptocurrency crossed $120,000 for the first time, peaking at $123,153 after a 3% surge. It briefly dipped to $113,620 earlier in August before rebounding to a record high of $124,000 on August 14, fuelled by favourable legislation and rallies in U.S. equities.

According to CoinDesk, the latest pullback was triggered by profit-taking among traders, economic uncertainty, and concerns over leveraged positions that rattled the market.