Bitcoin extended declines on Monday after hitting record highs, sinking 2% to hover around $115,000. Expectations of Fed rate cuts and corporate treasury purchases have boosted bitcoin by 23% this year. Ether also dropped 3% to $4,350, following a recent surge to near its record high. Market analyst Samer Hasn noted over $1.7 billion in long crypto futures positions liquidated since last Thursday. The broader market and S&P 500 have paused as bitcoin and digital assets slipped, with hopes of a Fed rate cut fading. Investors await clues from Fed Chair Jerome Powell at the Jackson Hole Economic Symposium. Crypto derivatives exchange Bitunix analyst Dean Chen predicts bitcoin could consolidate within $115,000-$120,000 range but may break higher if Powell maintains a ‘wait-and-see’ approach. Crypto-related stocks like MSTR, HOOD, and COIN slipped at the opening bell but recovered some losses within the first hour of trading.

Read more at Yahoo Finance: Bitcoin, ethereum slip as crypto markets pull back after hitting 2025 highs