#cryptomarketretreats $BTC Bitcoin Down 8percecnt Since Peak Ahead of Powell’s Jackson Hole Remarks

Bitcoin slipped below $113,000 on Wednesday, dragging the broader crypto market lower as traders braced for Federal Reserve Chair Jerome Powell’s address at Jackson Hole.

The sector shed 1.5percent to $3.9 trillion, with $ETH Ethereum XRP and Solana all in the red.

The world’s largest cryptocurrency is now down about 8% cent from its record above $124,000 last week. Ethereum eased 1.2per on the day to $4,162while $XRP fell 3.2per to $2.90.

The drop follows a period of heavy profit-taking that gathered momentum after Bitcoin’s sharp rally earlier this month

Traders Face $450m Wipeout as Ethereum Leads Liquidations

Market Value to Realized Value, a gauge of unrealized gains, climbed to 21% last week, showing that most holders were sitting on substantial profits. That created strong incentives to sell, analysts said.

#Liquidations also intensified during the downturn in the last 24 hours. Data from Coinglass showed that more than 128,000 traders were wiped out in the past 24 hours, with total losses amounting to $450.7m.Ethereum led the wave with nearly $175m liquidated, followed by Bitcoin at $101m. Long positions made up the bulk of the wipeouts, accounting for over $373m, showing how overleveraged bullish bets were forced out as prices retreated.