Bitcoin—alongside other major cryptocurrencies ethereum and XRP—have fallen sharply, raising fears of a crypto market

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Well, that was fast. On Aug. 14, Bitcoin (CRYPTO: BTC) hit a new all-time high of $124,000, and crypto traders were buzzing about a potential mind-blowing, year-end rally for the world's most popular cryptocurrency.

Bitcoin’s bearish reversal comes as U.S. Treasury secretary Scott Bessent revealed the U.S. holds far fewer bitcoin than previously

Bitcoin price extended the decline on Tuesday, closing below an ascending trendline drawn by connecting multiple lows since early April. BTC also closed below the 50-day Exponential Moving Average (EMA) at $114,910. At the time of writing on Wednesday, it recovers slightly at around $113,500.

Bitcoin, Ethereum, and XRP prices rise. Jerome Powell's speech at Jackson Hole will help decide where they go next. Rapper Kanye West has launched a meme coin called YZY.

Analysts say Bitcoin’s price action is looking increasingly orchestrated, as BTC taps its lowest levels since Aug. 3 amid ongoing US selling. Bitcoin heads back below $113,000 at the Wall Street open as bulls fail to clinch support.

U.S. stocks closed a listless day nearly flat as investors wait for key retail earnings and an annual Fed conference for direction this week.