Bitcoin traded around $113,000 in late August, holding most of its losses following a sharp sell-off that pushed it near a six-week low. The decline reflected crypto’s correlation with tech stocks, as investors rotated out of growth-oriented assets ahead of the Federal Reserve’s Jackson Hole symposium, seeking guidance after stronger-than-expected US producer inflation and retail sales data dampened expectations of aggressive Fed easing. The sell-off intensified further after reports that the Securities and Exchange Commission is investigating potential fraud and stock manipulation at Alt5 Sigma, fueling broader risk-off sentiment across speculative markets. Bitcoin has now erased its gains for the month and is more than 2% down since last week, after briefly hitting a fresh record high supported by institutional inflows and favorable regulatory developments.
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