Bitcoin fell below $113,000 on Monday, erasing the sharp gains sparked by dovish comments from Federal Reserve Chairman Jerome Powell, while the world's second-largest cryptocurrency, Ether, traded near record highs.
The world's largest cryptocurrency was trading down 2.1% at $112,550.5.
The currency had fallen to a more than six-week low near $111,000 in the previous session, as traders booked profits after Friday's surge.
Bitcoin surged above $117,000 on Friday after Powell's dovish remarks at the Jackson Hole Symposium, where he acknowledged rising risks to the labor market and suggested that "the shifting balance of risks may warrant an adjustment in our policy stance."
Powell's suggestion of a potential rate cut in September boosted investor sentiment, leading to a rally in riskier assets, including cryptocurrencies.
However, Bitcoin's price declined as investors took profits, with analysts pointing to resistance levels and a consolidation phase as reasons for the decline
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