Bitcoin slid below the 116,000 mark on Monday, retreating sharply from its record highs achieved last week. The world’s largest cryptocurrency last traded 2% down at $115,664.5 as of 01:58 ET (05:58 GMT).
This pullback follows Bitcoin’s peak above $124,000, triggered by rising concerns over inflation after stronger-than-forecast U.S. producer price data.
The data rekindled worries related to tariff-driven inflation, dampening hopes of aggressive Federal Reserve easing. Market sentiment now reflects anticipation of a modest 25-basis-point rate cut in September, a shift from earlier expectations of a half-point reduction, according to CME Fedwatch.
