$BTC

Bitcoin hovered around $114,000 on Thursday as investors exercised caution ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium, while political pressures on the Federal Reserve added to the uncertainty.

The largest cryptocurrency in the world traded up 0.3% at $114,120 at 5:17 PM Saudi time.

It was on the verge of hitting a six-week low as it dropped to $112,386 in the previous session.

Bitcoin moves cautiously amid anticipation of Fed decisions and political pressures.

Markets are preparing for the Federal Reserve's annual symposium in Jackson Hole, where Chair Jerome Powell will speak on Friday.

Investors are looking for clarification on whether the central bank is preparing to cut interest rates in September or maintain a stable policy due to ongoing inflation.

Investors avoided making significant moves ahead of the speech, which kept Bitcoin trapped near its two-week lows.

Adding to the caution, U.S. President Donald Trump ramped up his criticisms of the Federal Reserve. Trump called for the resignation of Federal Reserve Governor Lisa Cook and accused Powell of failing to control inflation.

These attacks raised concerns that political pressure could undermine the Federal Reserve's independence, leading to increased risk aversion.