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08/10/25 03:16 UTC-04

Bitcoin price today: drops to $121K after record highs amid U.S. shutdown concerns

Cryptocurrency Cryptocurrency
Cryptocurrency Bitcoin price today: drops to $121K after record highs amid U.S. shutdown concerns

Bitcoin fell sharply to around $121,000 on Wednesday after reaching record highs above $126,000 earlier in the week, as profit-taking intensified and a stronger U.S. dollar challenged the ongoing “devaluation trade” narrative.

The world’s largest cryptocurrency was trading 2% lower at $121,449 as of 09:22 Moscow time.

Earlier this week, Bitcoin hit an all-time high of $126,186, boosted by strong inflows into Bitcoin exchange-traded funds (ETFs) and speculative positioning betting on fiat currency weakness amid the prolonged U.S. government shutdown.

Bitcoin retreats under pressure from dollar strength and shutdown caution

The U.S. dollar index (DXY) surged to a three-week high on Tuesday as investors sought safety amid concerns that the government shutdown, now entering its second week, could delay key economic releases and complicate the Federal Reserve’s policy outlook.

Bitcoin’s earlier rally was driven by optimism over steady ETF inflows, which have provided new channels for institutional investors to access the token.

Reports also highlighted the role of the “devaluation trade” — bets that fiat currencies will weaken amid rising fiscal uncertainty — as a key catalyst behind Bitcoin’s move to new records.

However, as the dollar strengthened and Treasury yields remained elevated, markets began to question the sustainability of those bets.

With key data releases delayed, investors are now turning their focus to the Federal Reserve’s meeting minutes and Chair Jerome Powell’s upcoming remarks later this week.

Crypto-related stocks slide alongside Bitcoin

Crypto-linked equities also declined on Tuesday as Bitcoin’s retreat weighed on sentiment across the sector.

  • MicroStrategy Inc (NASDAQ: MSTR) fell about 7%.

  • Coinbase Global (NASDAQ: COIN) dropped 4%.

  • Marathon Digital (NASDAQ: MARA) lost 4%, and Riot Platforms (NASDAQ: RIOT) declined 3%.

Crypto prices today: most altcoins fall, Ethereum down 5%

Most altcoins also extended losses on Wednesday amid broader risk-off sentiment.

  • Ethereum fell 4.8% to $4,442.85.

  • XRP declined 4% to $2.85.

  • Solana slid 5%, Cardano dropped 5.2%, and Polygon lost 3.6%.

  • Among meme tokens, Dogecoin plunged 6%, while $TRUMP retreated 4%

See also: "Bitcoin price today: stabilization after record highs above $126,000"

#Bitcoin (BTC) #Price drop

Editor: Yulia Krasnaya
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