Crypto markets tumbled on Monday as more than $500 million in forced liquidations hit traders, according to CNBC. Bitcoin fell 2% to $115,255, after hitting a record high of $124,496 last week, as hotter July inflation data also dampened hopes for a September Fed rate cut. Over 131,000 traders were liquidated in the past 24 hours, including $123 million in bitcoin and $178 million in ether long positions. Treasury Secretary Scott Bessent said Trump’s bitcoin reserve will only include forfeited assets as the government seeks budget-neutral ways to acquire more. Traders are now eyeing the Fed’s Jackson Hole symposium and jobless claims data later this week for clues on policy direction.