The price of Bitcoin (BTC) has fallen below $110,000 U.S. as the current selloff in the world’s largest cryptocurrency accelerates.
Bitcoin is currently trading at $109,650 U.S. per digital token as investors rotate out of digital assets after a big run-up in recent months.
Earlier in August, Bitcoin was trading at an all-time high of just over $124,000 U.S. The last time BTC was trading below $110,000 U.S. was in early July of this year.
The decline in Bitcoin comes as other cryptocurrencies also fall from recent highs. Ethereum (ETH) is trading at $4,400 U.S. after notching a record high of close to $5,000 U.S. on Aug. 22.
Smaller cryptocurrencies such as Solana (SOL) and Dogecoin (DOGE) also continue to slump, having fallen about 3% each in the past 24 hours.
Analysts say investors appear to have turned more risk averse with the stock market near all-time highs and as they assess the current state of the U.S. economy.
Investors also appear to be rattled by news that U.S. President Donald Trump has fired Federal Reserve Governor Lisa Cook, calling into question the central bank’s independence.
Market observers appear to be divided over whether the current decline in Bitcoin and other cryptocurrencies is a short-term pullback and consolidation or the start of a deeper correction.
BTC is currently up 17% on the year, outpacing the 10% gain in the benchmark S&P 500 stock index.
