BTC Price Drops 2.98% Amid $500M Liquidations and Jackson Hole Anticipation, Trading Volume Surges

Bitcoin (BTCUSDT) experienced a 2.98% price decline over the past 24 hours, with the current price at 112,977.29 USDT on Binance. This movement is primarily attributed to over $500 million in liquidations following shifts in U.S. monetary policy expectations after recent inflation data, as well as anticipation surrounding the upcoming Jackson Hole Symposium, which is expected to influence market sentiment. Additional volatility was observed as Bitcoin's price moved in correlation with the S&P 500, and institutional activity remained strong, highlighted by Blackrock's ETF accumulation and SoFi's exploration of Lightning transfers. Over the last 24 hours, Bitcoin traded between 112,770.3 and 118,552.87 USDT, with trading volumes exceeding $44 billion and a market capitalization around $2.25 trillion, maintaining its position as the leading cryptocurrency.