The price of bitcoin fell to $113,000 on Wednesday, marking its lowest level in two weeks as traders moved to lock in recent gains.
Data from CoinMarketCap shows the flagship cryptocurrency dipped 1% to $113,860 as of 9:37 a.m., while Ethereum, the second-largest digital asset, edged down 0.1% to $4,232.
The global cryptocurrency market capitalization also contracted to $3.92 trillion, with trading volume in the past 24 hours hitting $160.41 billion.
Bitcoin has had a rollercoaster year, surging past $120,000 in July to set a record high of $123,153, buoyed by regulatory reforms under U.S. President Donald Trump and strong equity markets. On August 14, the token rallied to $124,000 after favourable legislation and a Wall Street surge.
However, analysts say the recent sharp drop reflects profit-taking by traders, mounting concerns over economic stability, and the unwinding of leveraged positions, all of which have added pressure to the crypto market.
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