Bitcoin drops to 2-week low

Bitcoin extended declines to hit a two-week low on Wednesday, August 20, 2025, as investors reduced positions ahead of the Federal Reserve’s Jackson Hole symposium.

Bitcoin, the world’s largest cryptocurrency, last traded 1.1% lower at $113,728.5 as of 02:03 ET (06:03 GMT).

It was just shy of reaching a six-week high as it declined to as low as $112,668 earlier in the session.

After reaching an all-time high above $124,000 last week, Bitcoin sharply retreated following stronger-than-expected United States economic data, which dampened hopes for a significant Fed rate cut next month.

Attention is focused on the Federal Reserve’s annual Jackson Hole gathering, where Chair Jerome Powell is scheduled to speak on Friday.

Naira trades N1,534/$ in official market

Investors fear a hawkish message or signals contradicting expectations of a September rate cut may put further pressure on risk assets like Bitcoin. Market futures have moderated their outlook, now pricing in a 25-basis-point Fed rate decrease in September.

In parallel, geopolitical developments also weighed on cryptocurrencies.

U.S. President Donald Trump recently held talks with Ukrainian President Volodymyr Zelensky and European leaders to discuss potential peace negotiations involving Russia and Ukraine.

Though optimistic in the longer term, the uncertainty surrounding these talks has unsettled markets in the short term.

The Star